Quality Control Review of Audited Financial Statements for FY 2008 and FY 2007, Federal Aviation Administration's Administrative Services Franchise Fund
On November 10, 2008, we issued a quality control review on the audit of the Federal Aviation Administration’s (FAA) Administrative Services Franchise Fund fiscal years 2008 and 2007 financial statements. The Reznick Group P.C., under contract to us and under our supervision, issued a clean (unqualified) audit opinion. However, the Reznick Group identified significant deficiencies in the Franchise Fund’s reconciliation of unfilled customer orders, timely liquidation of advances, and collection of Government accounts receivable. In addition, the Reznick Group identified one noncompliance issue concerning Public Law 104–205.
Complete Administrative Services Franchise Fund Financial Statements and a copy of KPMG’s report can be obtained from Mr. Mark Chisum at firstname.lastname@example.org