Audit Initiated of DOT's Fiscal Years 2008 and 2007 Financial Statements
February 25, 2008
Project ID: 08F3004F001
The Office of Inspector General (OIG) is initiating its audit of the Department of Transportation (DOT) Consolidated Financial Statements for Fiscal Years (FY) 2008 and 2007. There are two major changes to this year's financial statement audits. First, OMB has waived the requirement for stand-alone Highway Trust Fund financial statements. All Highway Trust Fund activities will be included in the Department's Consolidated Financial Statements for review. Second, OIG has selected an external audit firm to audit DOT's Consolidated Financial Statements. The same firm is also tasked with rendering an audit opinion on the Federal Aviation Administration (FAA) component financial statements. In addition, the St. Lawrence Seaway Development Corporation (SLSDC) will continue selecting the audit firm for SLSDC component financial statements, which are not part of DOT's Consolidated Financial Statements. All these contract audits are subject to OIG oversight.