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Summary

On November 15, we issued our report on the consolidated financial statements of the Department for fiscal years 2005 and 2004. For the fifth consecutive year, the Department received an unqualified, or “clean,” audit opinion, indicating to users of the Department’s financial statements that they can rely on the information presented. The Department this year again met OMB’s accelerated deadline to submit audited financial statements as part of the government’s annual Performance and Accountability Report.

The Operating Administrations made substantial progress in FY 2005 to strengthen management controls and provide better oversight of resources. OIG identified three financial management issues that need heightened attention: FAA transactional accounts; reliability of FHWA financial data; and FHWA’s grant financial management and oversight practices. We believe that FHWA and FAA have plans underway, that if implemented on a sustained basis during 2006, will result in these issues not being material next year.