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GAO-15-640R 1 (2015-07-15)

handle is hein.gao/gaobaajcd0001 and id is 1 raw text is: ctAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 July 15, 2015 The Honorable Susan Collins Chairman The Honorable Jack Reed Ranking Member Subcommittee on Transportation, Housing and Urban Development, and Related Agencies Committee on Appropriations United States Senate The Honorable Mario Diaz-Balart Chairman The Honorable David Price Ranking Member Subcommittee on Transportation, Housing and Urban Development, and Related Agencies Committee on Appropriations House of Representatives Washington Metropolitan Area Transit Authority: Steps Taken to Address Financial Management and Safety Recommendations, but Financial Management Internal Controls Need Strengthening The Washington Metropolitan Area Transit Authority's (WMATA) public rail transit and bus systems are vital to meeting the transportation needs of the national capital region, accounting for about 1.2-million passenger trips per weekday. Over the last decade, WMATA has also faced financial challenges maintaining the system's infrastructure, and several fatal accidents have occurred on WMATA's rail transit system. In June 2014, the Federal Transit Administration (FTA) provided WMATA with the results of FTA's financial management oversight review of WMATA's financial management systems.1 FTA's review identified material weaknesses and significant deficiencies in internal control, concluded that WMATA did not maintain effective internal control over its compliance with FTA's financial management system requirements, and included 38 financial management recommendations that FTA requires WMATA to address.2 As a result of FTA's review, among other things, FTA restricted WMATA's ability to draw down 1 Milligan & Company, LLC, Financial Management Oversight Review: Full Scope Systems Review of the Washington Metropolitan Area Transit Authority, Performed for U.S. Department of Transportation, Federal Transit Administration, and prepared by Milligan & Company, LLC for Samlin Milligan JV (June 10, 2014). 2For the purpose of FTA's financial management oversight reviews, a material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or combination of deficiencies, in internal control over a grantee's financial management system that is less severe than a material weakness yet important enough to merit attention by those charged with governance. GAO-1 5-640R Public Transportation Page 1

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