New Audit Announcements
Audit Initiated of FTA’s Oversight of Corrective Actions for At-Risk Grantees
The Federal Transit Administration (FTA) administers multiple grant programs to more than 1,200 State and local grantees, providing more than $10.6 billion of Federal assistance in 2014 to help plan, build, and operate transit systems nationwide. In the past 4 years, FTA’s financial management reviews of transit agencies’ internal controls have identified 36 at-risk grantees with significant deficiencies such as unallowable costs. The deficiencies required FTA to place additional oversight controls on the disbursement of Federal funding to these transit agencies, including restricting agencies’ ability to draw down Federal funds. The objective of this audit is to assess whether FTA has effective oversight procedures to ensure that at-risk transit agencies take corrective actions to address internal control weaknesses identified in financial management reviews.