Audit shows DOT’s financial statements meet standards

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Updated Jan 21, 2010

For the third straight year and seventh year in the past eight, an independent review has found that the U.S. Department of Transportation’s consolidated financial statements are presented fairly and meet all reporting and accounting standards. The audit found the Department has achieved an “unqualified opinion” on its Fiscal Year 2009 statements, with no material weaknesses in its statements or instances of noncompliance with Federal Financial Management Improvement Act and Federal Managers’ Financial Integrity Act.

“I am very pleased that the department has achieved this important goal again,” says U.S. Transportation Secretary Ray LaHood. “This review shows the American taxpayers that DOT is serious about managing and overseeing federal funding and agency assets.”

The audit was conducted by the accounting firm Clifton Gunderson, with a Quality Control Review conducted by the Department of Transportation’s Office of the Inspector General. The accounting firm reported an “unqualified opinion” with no material weaknesses in internal control. This means that DOT’s financial statements are presented fairly in all material respects and conform with all applicable accounting and reporting standards, including those established by the Office of Management and Budget and the Federal Accounting Standards Advisory Board.