Quality Control Review of FAA's FY06 and FY05 Consolidated Financial Statements
On November 14, 2006, we issued our audit of the Federal Aviation Administration's fiscal year (FY) 2006 and FY 2005 Consolidated Financial Statements. The audit was conducted for the OIG by KPMG LLP of Washington, DC, which rendered a qualified opinion because FAA was unable to provide sufficient evidence to support the accuracy and completeness of the Construction in Progress account balances. Further, the audit reported one material internal control weakness, three reportable conditions, and two instances of noncompliance with applicable laws and regulations. Complete Financial Statements are included in the FAA's 2006 Performance and Accountability Report, which also contains a copy of our report beginning on page 94.