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Summary

On November 13, we issued a quality control review on the audit of the Federal Aviation Administration’s (FAA) Administrative Services Franchise Fund fiscal years 2007 and 2006 financial statements. KPMG LLP, under contract to us and under our supervision, issued a clean (unqualified) audit opinion. However, KPMG identified three significant deficiencies in the Franchise Fund’s oversight and analytical review of financial statements, support for shipping documents, and information technology controls over the Franchise Fund and third–party systems and applications. In addition, KPMG identified one noncompliance issue concerning Public Law 104–205.

Complete Administrative Services Franchise Fund Financial Statements and a copy of KPMG’s report can be obtained from Mr. Mark Chisum or by calling him at (405) 954–0366.