DOT Audit Report and Transmittal Letter. The following excerpt is from the Inspector Generals transmittal letter to

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DOT Audit Report and Transmittal Letter. The following excerpt is from the Inspector General’s transmittal letter to the Secretary of the Department of Transportation (DOT).
Required
a. Explain the role of an inspector general within a federal agency. Is an opinion from this person considered an independent auditor’s opinion?
b. Describe how long it typically takes for financial statements to be made available to the public and where these can be found. Did the DOT present all the financial statements required by OMB Circular A—136 on time?
c. Look at the full text of the Inspector General’s report at the Web site indicated at the bottom of the excerpt. Did the Department of Transportation have any material weaknesses in internal controls or reportable conditions? If so, did they result in a qualified or adverse audit opinion for the department? Discuss.

Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the...
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Accounting for Governmental and Nonprofit Entities

ISBN: ?978-0073379609

15th Edition

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

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