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DOT 203-04
Contact: Bill Mosley, Tel.: (202) 366-4570
Contact: David Barnes, Tel.: (202) 366-6312
Wednesday, November 17, 2004
DOT Receives Fourth Consecutive "Clean" Audit of Annual Financial Statements
U.S. Transportation Secretary Norman Y. Mineta today announced that the U.S.
Department of Transportation (DOT) received its fourth consecutive unqualified,
or "clean," audit opinion on its consolidated financial statements. The audit
opinion is from the DOT Inspector General on the fiscal year 2004 statements.
Consolidated financial statements show how the Department is accountable for its
total budgetary resources of $105 billion provided by American taxpayers for
federal transportation activities.
"Being responsible with taxpayer dollars is an obligation we take seriously,"
Secretary Mineta said. “The Department of Transportation’s financial stewardship
means that taxpayers are getting their money’s worth.”
“Given the fact that DOT’s financial operations – including assets, liabilities
and program costs – are comparable in size to a Fortune 100 company, it is vital
that taxpayers know that the Department’s financial statements are in order,”
DOT Inspector General Kenneth M. Mead said.
“The Department and each of the Operating Administrations made extraordinary
efforts this year to achieve this clean opinion,” IG Mead said. “The Federal
Aviation Administration in particular deserves credit for addressing significant
challenges this year, especially implementing new accounting and procurement
systems. Agencies funded by the Highway Trust Fund, however, were less
successful overcoming the financial management deficiencies we reported last
year. It was only due to a concerted effort to clean up flawed data that allowed
the Federal Highway Administration to generate reliable financial statements.
Continued executive level attention, backed by skilled resources to implement
disciplined processes, will be critical to correct the remaining deficiencies.”
In addition to the department-wide audit, individual audits were conducted on
the Federal Aviation Administration and the Highway Trust Funds. Both received
unqualified, or “clean,” opinions. The audits were performed by Office of
Inspector General staff, KPMG LLP, and Clifton Gunderson LLP. The audits were
transmitted to the Office of Management and Budget on Nov. 15.
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