FAA GETS “CLEAN” FINANCIAL AUDIT FROM DOT INSPECTOR GENERAL
The U.S. Department of Transportation’s Inspector General has given the Federal Aviation Administration a “clean” financial audit for fiscal year 1999.That’s the first time the FAA has achieved approval of its financial statements since the audits began in 1992.
“This a tremendous step for us,” said Jane F. Garvey, FAA administrator. “A clean audit brings the FAA to the standards of private industry for fiscal responsibility.”
FAA statements include assets totaling $25.5 billion, obligations totaling of $14.2 billion.
The clean audit represents a big turnaround for the agency. It contributes significantly to credibility of the agency and acceptance of newly developed cost-accounting information.
