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GAO-05-396R 1 (2005-06-09)

handle is hein.gao/gaocrptarla0001 and id is 1 raw text is: SGAO Accountability * Integrity Reliability United States Government Accountability Office Washington, DC 20548 June 9, 2005 The Honorable Ms. Phyllis Scheinberg Chief Financial Officer Department of Transportation The Honorable Mr. Kenneth M. Mead Inspector General Department of Transportation Subject: Financial Audit: The Department of Transportation's Fiscal Year 2004 Management Representation Letter on Its Financial Statements As you know, the Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work.' In connection with fulfilling our requirement to audit the fiscal year 2004 CFS, we evaluated the Department of the Treasury's (Treasury) financial reporting procedures and related internal control over the process for compiling the CFS, including the management representation letter provided us by Treasury and OMB. Written representation letters from management, required by U.S. generally accepted government auditing standards, ordinarily confirm oral representations given to the auditor, indicate and document the continuing appropriateness of those representations, and reduce the possibility of a misunderstanding between management and the auditor. In our report, which is included in the fiscal year 2004 Financial Report of the United States Government,2 we reported a limitation on the scope of our work due to identified concerns with the adequacy of certain federal agencies' management representations on which Treasury and OMB depend to provide their representations to us regarding the CFS. Specifically, Treasury and OMB stated that their representation letter to us on the CFS was based primarily on the individual federal agency representation letters. Consequently, our audit considered the content of the individual federal agency letters, and the incompleteness of certain of these letters 'The Government Management Reform Act of 1994 has required such reporting, covering the executive branch of government, beginning with financial statements prepared for fiscal year 1997. 31 U.S.C. § 331 (e). The federal government has elected to include certain financial information on the legislative and judicial branches in the CFS as well. 2The fiscal year 2004 Financial Report of the United States Government was completed by the Department of the Treasury on December 15, 2004, and is available through both GAO's Web site at www.gaogov and Treasury's Web site at A - v, fins, Lr -s. gov/fr/ind x, aitmi. GAO-05-396R DOT's Management Representation Letter

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