A Report on the Audit of the Department of Transportation's Central Texas Turnpike System's Financial Statements for the Fiscal Year Ended August 31, 2010
February 2011
Report Number 11-020
Overall Conclusion
In our audit report dated December 14, 2010, we determined that the Department of Transportation's (Department) Central Texas Turnpike System's (System) basic financial statements for fiscal year 2010 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 resolutions for the System's revenue bonds, 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 management's controls over the System's financial reporting that represented a significant deficiency in internal control. Those issues are discussed in the attachment in this report. We did not identify any issues that represented material weaknesses in controls over the System's financial reporting.