Date:
Monday, March 10, 2008
Contact:
Lloyd Brown, WSDOT Communications, 360-705-7076
OLYMPIA – For the first time in 21 years, the Washington State Department of Transportation annual fiscal audit included no report findings by the State Auditor’s Office.
Most significantly, the audit found that WSDOT’s roll out of the new Wave2Go electronic fare collection system through the ferry system in 2007 established the necessary revenue collection controls previous fiscal audits had called for.
“We are pleased the audit acknowledged WSDOT’s progress and our overall attention to maintaining and improving controls over public resources throughout the department,” said Paula Hammond, Secretary of Transportation. “It’s been more than two decades since WSDOT has received a clean audit. A lot of credit goes to our WSDOT managers and employees who take their responsibility over public resources very seriously.”
The State Auditor’s Office provides an annual audit of WSDOT’s accountability for public resources and compliance with state laws and regulations and its own policies and procedures. The State Auditor’s Office found that WSDOT’s internal controls were adequate to safeguard public resources in the areas they tested. The audit for fiscal year 2007 was released on March 10, 2008.
The audit does not examine every portion of WSDOT’s financial activities. The highest risk areas are examined, together with a rotating review of other areas. This audit evaluated WSDOT’s accountability in the following areas:
- Cash receipts and revenues
- Credit Cards Purchases
- Disbursements
- Payroll Highway
- Construction expenditures and payment system
- Real estate assets
- Vehicle gasoline usage
- Contracts
The audit also reviewed financial statements and tested account balances and financial activity related to:
- Capital outlays
- Non-depreciable assets
- Depreciable assets
- Transportation expenditures
For more information on WSDOT 2007 Fiscal Audit, contact Lloyd Brown, 360-705-7076.
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