Indianapolis Airport Authority - Indianapolis International Airport

Independent AuditAt the close of each calendar year, an independent firm of certified public accountants audits theAuthority’s books and records. In addition, the Indiana State Board of Accounts retains the rightto audit the Authority. In connection with the Authority’s federal financial assistance, a Single Audit(A-133) is performed and reports are issued to the U.S. Department of Transportation (the federaloversight agency), the Federal Aviation Administration, the U.S. Department of Homeland Security,the Transportation Security Administration, and the Indiana State Board of Accounts by the independentcertified public accountants under contract to the Authority.Internal ControlsThe Authority’s management is responsible for the establishment and maintenance of internalaccounting controls that ensure assets are safeguarded and financial transactions are properlyrecorded and adequately documented. To ensure that the costs of controls do not exceed thebenefits obtained, management is required to use cost estimates and judgments to attain reasonableassurance as to the adequacy of such controls. The Authority has established internal controlsto fulfill these requirements and these controls are reviewed annually by an external audit firm forapplicability, relevance, and effectiveness.PROFILE OF THE AUTHORITYOrganizational Structure and GovernanceThe Authority is a municipal corporation that was established on January 1, 1962, to own and operateairports in and around Indianapolis, Indiana. More information is included in the Management’sDiscussion and Analysis – Authority Powers and Purposes. The Authority administers an airportsystem comprised of the Indianapolis International Airport (IND), four general aviation reliever airports,and a general aviation heliport located in downtown Indianapolis. The Authority is a separatereporting entity and is not a component of Indianapolis’ consolidated government (Unigov) or anyother government. You may also refer to Note 1 of the financial statements for more informationregarding the financial reporting entity determination under the Government Accounting StandardsBoard (GASB) Statement No. 14.The Authority’s Board consists of eight voting members and three non-voting, advisory boardmembers. Each member is appointed to a four-year term.