FAA Financial Statements for Fiscal Years 2001 and 2000
February 27, 2002
Project ID: FI-2002-082
We issued: (1) an unqualified, or “clean,” audit opinion on FAA’s FY 2001 consolidated balance sheet, statement of net cost, statement of changes in net position, and combined statement of budgetary resources and statement of financing; and (2) a qualified opinion on FAA’s FY 2000 consolidated balance sheet and statement of net cost. We found a material weakness for FAA property accounting and identified three FY 2001 weaknesses involving internal control weaknesses and compliance with laws and regulations. While these are important, they did not affect our audit opinion.