Sound Transit receives another clean audit for use of federal funds
Agency has maintained clean bill of health since inception
Sound Transit has received its 20th clean annual audit of how the agency manages and spends federal funds. Known as an A-133 audit, or Single Audit, the agency has had no material weakness findings since the agency began soliciting the audits in 1994.
The results for the 2013 Single Audit were presented to the Sound Transit Audit and Reporting committee Thursday. The audit was conducted by the independent audit firm, KPMG.
These type of audits include an examination of a recipient's financial records, financial statements, federal award transactions and expenditures, the general management of its operations, internal control systems, and federal assistance it received during the audit.
Sound Transit received about $147 million in federal funds in 2013.
The full audit report is available here: Soundtransit.org/2013Audits
The A-133 Audit is one of several independent audits commissioned by Sound Transit annually. Independent audits are performed by KPMG of Sound Transit's financial statements, National Transit Database reporting, Subarea Equity reporting and it's reporting for the regional fare collection system, ORCA.
The Washington State Auditor's Office also performs independent accountability audits to evaluate internal controls and activities of the agency, and determine Sound Transit's compliance with state laws and regulations and its own policies and procedures. As a recipient of Federal Funds, the Federal Transit Authority performs various reviews and audits over grant funded activities.