Metro's chief financial officer announced Sept. 1, that the authority has transmitted to the Federal Transit Administration (FTA) the results of its FY 2014 Audit.
“We continue to address the historic issues raised over prior fiscal years, and already are working with FTA on a number of corrective actions to ensure full compliance going forward,” said CFO Dennis Anosike. “Completing the independent financial audit is another positive step in demonstrating to our stakeholders and to the market that WMATA is getting its financial house in order.”
The audit contains 26 findings, many of which are consistent with the FTA's Financial Management Oversight report for the period (FY 2014) examined by the firm.
On Sept. 10th WMATA’s Board Audit Committee will be presented with a full report of the findings and management's corrective action plan to address all the findings noted.
The single audit is a statutorily required audit of entities that expend $750,000 or more of Federal grants, and provides assurances to the Federal Government about the use of such funds. The conclusion of this audit by McGladrey LLP, marks a major step forward in responding to accounting issues raised in the FTA’s Oversight Report.
