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Summary

On November 9, we issued a quality control report of the audit of the Highway Trust Fund's fiscal years 2007 and 2006 financial statements. KPMG LLP, under contract to us and under our supervision, issued a clean (unqualified) audit opinion and reported no material weaknesses. KPMG identified three significant deficiencies in agencies' accounting process (journal entries and account relationships), grant accrual, and financial systems controls. Starting in 2008, the Department will no longer prepare stand-alone Highway Trust Fund financial statements. All activities will be audited as part of DOT's consolidated financial statements.

Complete Highway Trust Fund Financial Statements and a copy of KPMG's report can be obtained from Mr. Peter Langevin at Peter.Langevin@dot.gov or by calling him at (202) 366 2882.