Sound Transit has received three clean opinions on its financial health following rigorous state, federal and financial audits of the agency.
I cant stress how unusual it is to audit programs of this scale and complexity and not have any findings, Deloitte & Touche auditor Laurie Tish told members of the Sound Transit Audit and Reporting Subcommittee.
The three audits included one by the Washington State Auditor for the year 2001 and two of Sound Transits management of federal grants and other public funds during 2002, conducted by Deloitte & Touche.
All of the audits were clean, with no findings of problems with the agencys financial management systems.
The Washington State Auditors probe marked the agencys fifth consecutive state audit without findings.
The annual audits are among numerous accountability and oversight measures at Sound Transit.
Additional practices and structures for ensuring effective management of the publics resources are summarized at:
The Deloitte & Touche audits satisfied extensive legal requirements for receiving federal funding, with particular focus on financial reporting and in-progress construction projects.
During the audits, the U.S. Department of Transportations Office of the Inspector General conducted its own separate audit of Deloitte & Touches work that was above and beyond the normal process, issuing a clean report.
The state audit addressed Sound Transits accountability for public resources, including purchases of goods and services, accounts receivable, payroll, cash receipting and travel.
Also addressed was compliance with legal requirements including contracting and adherence to laws related to debt limitations, bond covenants, interlocal agreements and other issues.
The state audit also found no problems with Sound Transits adherence to subarea equity, the agencys operating framework that requires revenues generated in each of five geographic subareas to be used for the benefit of that subarea.
Deloitte & Touche is working on a separate report on subarea equity compliance, scheduled to be completed next month.