Performance And Accountability Report - Fiscal Year 2013 - Federal Aviation Administration - U.s. Department Of Transportation Page 32
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150 FINANCIAL HIGHLIGHTS
DISCUSSION AND ANALYSIS OF THE
monitor the implementation of audit recommendations. The
committee is chaired by the Director of the Office of Financial
FINANCIAL STATEMENTS
Management and includes representatives from the OIG; DOT’s
FAA prepares annual financial statements in conformity with
Office of Financial Management; FAA’s Assistant Administrator
accounting principles generally accepted in the United States.
for Regions and Center Operations; and ATO’s Chief Operating
The financial statements are subject to an independent audit to
Officer. In 2006, committee participation was expanded to include
ensure that they are free from material misstatement and that
representatives from the Chief Counsel’s Office, the Assistant
they can be used to assess FAA performance.
Administrator for Human Resources Management, Information
Services, and Airports.
FY 2013 Financial Statement Audit
KPMG LLP has rendered an unmodified opinion on FAA’s FY 2013
The Chief Financial Officers Act of 1990 (Public Law 101–576),
financial statements.
as amended by the Government Management Reform Act
of 1994, requires that financial statements be prepared by
Understanding the Financial Statements
certain agencies and commercial-like activities of the federal
FAA’s Consolidated Balance Sheets, Statements of Net Cost,
government and that the statements be audited in accordance
Changes in Net Position, and Combined Statements of Budgetary
with government auditing standards. FAA is required to prepare
Resources, have been prepared to report the financial position
its own financial statements under OMB Bulletin No. 14–02,
and results of operations of FAA, pursuant to the requirements
Audit Requirements for Federal Financial Statements. DOT’s
of the Chief Financial Officers Act of 1990 and the Government
Office of Inspector General (OIG) is statutorily responsible for
Management Reform Act of 1994. The following section provides
the manner in which the audit of FAA’s financial statements
a brief description of (a) the nature of each financial statement
is conducted. The OIG selected KPMG LLP, an independent
and its relevance to FAA, (b) significant fluctuations from FY 2012
certified public accounting firm, to audit FAA’s FY 2013 financial
to FY 2013, and (c) certain significant balances, where necessary,
statements.
to help clarify their link to FAA operations.
In 2002, DOT’s OIG and Chief Financial Officer, along with
FAA’s Chief Financial Officer, established an Audit Coordination
Balance Sheet
Committee to promote and encourage open communication
The balance sheet presents the amounts available for use by FAA
among the OIG, FAA management, and the independent
(assets) against the amounts owed (liabilities) and amounts that
auditors to resolve issues that arise during the audit and to
comprise the difference (net position).
Composition of Assets
Assets Comparison
as of September 30, 2013
(Dollars in Thousands)
Fund balance
10%
with Treasury
Investments
43%
44%
Property, plant
and equipment
3%
Other
0
3,000,000
6,000,000
9,000,000 12,000,000 15,000,000
$ THOUSANDS
Fund Balance with Treasury
Other
n
n
Investments
Property, plant and equipment
n
n
2013
2012
n
n
30
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Federal Aviation Administration
Fiscal Year 2013
Performance and Accountability Report
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