A Report on the Audit of the Department of Transportation's Central Texas Turnpike System Financial Statements for the Fiscal Year Ended August 31, 2008
January 2009
Report Number 09-016
Overall Conclusion
In our audit report dated December 12, 2008, we determined that the Department of Transportation's (Department) Central Texas Turnpike System's (System) basic financial statements for fiscal year 2008 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. Our procedures were not intended to provide an opinion on internal control over financial reporting or to provide an opinion on compliance with certain provisions of the Resolution for the Central Texas Turnpike System Revenue Bonds, Bond Anticipation Notes, and other laws and regulations. Our procedures did not identify any instances of noncompliance that materially affected the financial statements.
However, we identified issues related primarily to controls over the System's financial reporting. One of these issues resulted in a material weakness, while others represented significant deficiencies in internal control.
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