Financial audit gives Sound Transit a clean bill of health
June 23, 2004
For the seventh consecutive year, independent auditors have given Sound Transit a clean, unqualified report on the agency's financial health.
The audit covered Sound Transit's transactions and financial management during 2003 — a period in which the volume of financial transactions more than doubled as the agency took major steps forward on transit projects around the region.
"Audits are one way for citizens to make sure Sound Transit is careful with their tax dollars," said Sound Transit Board Chair and Pierce County Executive John Ladenburg. "The results of this audit are proof we have our financial house in order and have had for seven straight years. The string will remain unbroken. We will continue to be good stewards of public funds as we build a modern mass transit system for the Puget Sound region."
The 2003 annual financial audit, conducted by KPMG LLP, found no reportable conditions or material weaknesses involving internal control, and no instances of non-compliance required to be reported under Government Auditing Standards. The agency complied in all material respects required by the major federal programs that provide funding for Sound Transit's capital programs.
The financial audit is among numerous accountability and oversight measures at Sound Transit. Additional practices and structures for ensuring effective management of the public's resources are summarized at:
Also presented to the Audit and Reporting Subcommittee today was an annual subarea report that is conducted by independent auditors. The report found no major issues with Sound Transit's adherence to subarea equity, the agency's financial framework that requires revenues generated in each of five geographic subareas to be used solely for the benefit of that subarea.
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Sound Transit plans, builds and operates regional transit systems and services to improve mobility for Central Puget Sound.