Quality Control Review of NTSB's FY06 and FY05 Financial Statements
On November 13, we issued our annual financial statement audit of the National Transportation Safety Board (NTSB) financial statements for fiscal years 2006 and 2005. We concluded that NTSB's consolidated financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles. We also found two material internal control weaknesses related to implementation of an agency-wide information security program and internal controls over financial reporting. We previously issued recommendations to NTSB to improve their information security program. NTSB concurred with our findings and committed to strengthening controls over financial reporting. The audit was conducted for OIG by Leon Snead & Company of Rockville, MD. NTSB's 2006 Performance and Accountability Report contains our review (beginning on page 55) and the full financial statements audit (beginning on page 57) performed by Leon Snead & Company, P.C.