Audit Reports Affecting Multiple Agencies
A Report on the Review of Financial and Performance Audit Reports of Certain Mass Transit Authorities
Report Number 95-047
The mass transit authorities' independent accounting firms identified financial audit findings and provided recommendations related to the authorities' internal controls, electronic data processing, and financial reporting. Management of the mass transit authorities responded to all findings and recommendations.
The efficiency of the mass transit authorities' current operations cannot be assessed based only on the results of our review. This is primarily due to the reporting of inconsistent data by the mass transit authorities.
The performance audit reports prepared from financial and operational data identified various areas for needed improvement in Administration and Management, Transit Operations, and System Maintenance. No opportunities for cost savings were identified in the reports. Management of the mass transit authorities responded to all findings and recommendations.
No related standards exist either in the accounting profession or the mass transit industry to assess the size of the mass transit authorities' fund balances. However, the unreserved fund balances of the mass transit authorities, which ranged from $9.4 million to $65.6 million at the end of the 1993 fiscal year, appear reasonable when compared to current levels of expenditures.
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