Audits

On November 15, we issued an audit report on the Department of Transportation's (DOT) fiscal years 2007 and 2006 Special-Purpose Financial Statements. The Department prepared the special-purpose financial statements to support the U.S. Department of the Treasury in compiling the Financial Report of the U.S. Government. We concluded that DOT's special-purpose financial statements present fairly, in all material respects, the financial position of DOT as of September 30, 2007, and September 30, 2006, and its net costs and changes in net position of the years then ended in conformity with accounting principles generally accepted in the United States and Treasury's reporting requirements. We also found no material weaknesses or noncompliance with laws or regulations over the financial reporting process for the special-purpose financial statements.