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Summary

We gave the Department a qualified audit opinion on the DOT Consolidated Financial Statements because of concerns with the net book value of FAA property ($11.5 billion of the $16.2 billion total for DOT). In all other respects, the DOT Consolidated balance sheet, statement of net cost, statement of changes in net position, statement of budgetary resources, and statement of financing as of, and for the year ended, September 30, 2000, were fairly presented, in all material respects, in conformance with generally accepted accounting principles. We identified four areas involving weaknesses in internal controls and compliance with laws and regulations. While these issues are important, they did not affect our audit opinion.