Independent firm completes audit of WMATA's 2014 financial statements

The Washington Metropolitan Area Transit Authority's (WMATA) board announced yesterday that it received an independent audit of its fiscal year 2014 financial statements from McGladrey LLP.

Completion of the audit marked a "significant milestone" in WMATA's goal of improving financial management, agency officials said in a press release.

"The historic documentation problem is being addressed with new management, new processes, and new financial controls that will make Metro fully compliant with FTA requirements," said WMATA Chief Financial Officer Dennis Anosike. "These improvements in financial management will make future audits more timely and less problematic."

In evaluating WMATA's "net position," or total funds remaining after all expenses, the auditor took into account the expectation that some federal capital costs may shift to non-federal sources, and vice versa, as management and the Federal Transit Administration (FTA) work to complete ongoing grant analyses. The issue had previously been identified in the FTA's 2014 Financial Management Oversight Report, WMATA officials said.

Still, McGladrey found that WMATA's financial statements for the year were "presented fairly, in all material respects, with accounting principles general accepted in the [U.S.]," according to WMATA.