Consolidated DOT Financial Statements for Fiscal Years 2003 and 2002
We publicly released our annual report on the Department’s consolidated financial statements, in which we issued an unqualified or “clean” audit opinion for the third consecutive year. Consolidated financial statements show how the Department is accountable for its total budgetary resources of $128 billion provided by American taxpayers for Federal transportation activities. Individual audits were also conducted on FAA and the Highway Trust Fund, which both received unqualified opinions.
According to the Inspector General, certain DOT operating administrations will need to make major improvements in their accounting policies and procedures if DOT is to complete its FY 2004 financial statements by the accelerated OMB deadline of Nov. 15, 2004. We recommended that the DOT Chief Financial Officer ensure that each operating administration implements processes to strengthen its accounting practices by reconciling major accounts during the year, keeping better track of transactions with other Federal agencies, and improving information about loan receivables.