Quality Control Review of NTSB's FY07 and FY06 Financial Statements
On November 9, we issued a quality control report of the audit of the National Transportation Safety Board's fiscal years 2007 and 2006 financial statements. Leon Snead & Company, P.C., under contract to us and under our supervision, issued a clean (unqualified) audit opinion but reported two material weaknesses, the information technology security program and selected accounting operations and controls. Snead & Company also reported a significant deficiency in cost accounting. Complete Financial Statements are included in the NTSB's 2007 Performance and Accountability Report, which also contains a copy of the Leon Snead report beginning on page 117.