A Report on the Audit of the Central Texas Turnpike System's Fiscal Year 2011 Financial Statements
January 2012
Report Number 12-014
Overall Conclusion
In our audit report dated December 29, 2011, we concluded that the Department of Transportation's (Department) Central Texas Turnpike System's (System) basic financial statements for fiscal year 2011 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America. The System published our audit report as part of its basic financial statements, which the Department intends to post on its Web site at http://www.txdot.gov/txdot_library/publications/finance/reports.htm.
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. Our procedures did not identify any material weaknesses in internal control over financial reporting or any noncompliance with laws or regulations that materially affected the financial statements. In addition, the major internal controls that we tested for the purpose of forming our opinion on the financial statements were operating effectively.
Our procedures were not intended to provide an opinion on internal control over financial reporting or to provide an opinion on compliance with laws and regulations. Accordingly, we do not express an opinion on the effectiveness of the System's internal control over financial reporting or on compliance with laws and regulations.
Auditors communicated certain issues that were not material or significant to the audit objectives in writing to the Department's management.
As required by auditing standards, we will also communicate to the Texas Transportation Commission certain matters related to the conduct of a financial statement audit.