Sound Transit earns another clean bill of financial health
Independent auditors have once again announced a clean bill of financial health for Sound Transit with an unqualified audit report presented to the agency’s Audit and Reporting subcommittee. Sound Transit has received a clean audit on its financial statements since its first report was issued in 1995.
“Independent audits like this one are key to building the public’s trust in what Sound Transit is doing to build and operate our regional transit system,” said Fred Butler, Sound Transit’s Audit and Reporting Subcommittee Chair and Issaquah Deputy City Council President. “Auditors have consistently said year after year that Sound Transit is managing the money well and that our methods for budgeting and contingency planning are sound.”
The annual financial audit for 2007, conducted by KPMG LLP, found that the agency complied in all material respects with federal program requirements. It found no reportable conditions or material weaknesses involving internal control, and no instances of non-compliance.
Independent annual financial auditing is one of the ways Sound Transit demonstrates its accountability and transparency. As a federal grant recipient, audit reports on Sound Transit’s internal control over financial reporting and compliance with federal requirements applicable to its federal programs are required. The Board also engages KPMG to perform audit procedures related the Agency’s accounting for subarea equity.
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Sound Transit’s regional network of express buses, commuter rail, light rail and transit facilities connects communities in King, Pierce and Snohomish counties.