For the ninth consecutive year, independent auditors have given Sound Transit a clean, unqualified report on the agencys financial health, according to a statement released yesterday by the transportation agency.
The 2005 annual financial audit, conducted by KPMG LLP, found no reportable conditions or material weaknesses involving internal control, and no instances of non-compliance required to be reported under Government Auditing Standards. The agency complied in all material respects required by the major federal programs that provide funding for Sound Transits capital programs.
Also presented to Sound Transits Audit and Reporting Subcommittee was an annual subarea report that is conducted by independent auditors. The report found that Sound Transit is continuing to adhere to subarea equity, the agencys financial framework that requires revenues generated in each of five geographic subareas to be used solely for the benefit of that subarea.
