Comprehensive Annual Financial Report for the ... - WMATA.com

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~Clifta~ Gund~rson LLPCertified Public Accountants & ConsultantsIndependent Auditor's ReportTo the Board ofDirectorsWashington Metropolitan Area Transit AuthorityWe have audited the accompanying statement of net assets, and the related statements ofrevenues, expenses and changes in net assets ofWashington Metropolitan Area Transit Authority(Authority) as of and for the years ended June 30, 2009 and 2008. These financial statements arethe responsibility of the Authority's management. Our responsibility is to express an opinion onthese basic financial statements based on our audit. We did not jointly audit the financialstatements of the pension plans of the Authority. Those financial statements were audited byother auditors whose reports have been furnished to us, and our opinion, insofar as it related tothe amounts included for those pension plans, is based solely on the reports of the other auditors.We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes consideration ofinternal control over financial reporting as a basis for designing audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Authority's internal control over financial reporting. Accordingly, weexpress no such opinion. An audit also includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation. We believe that our audit provides a reasonablebasis for our opinion.In our opinion, the financial statements referred to above present fairly, in all material respects,the financial position of the Authority as of June 30, 2009 and 2008, and the changes in itsfinancial position and cash flows for the year then ended in conformity with accountingprinciples generally accepted in the United States of America.In accordance with Government Auditing Standards, we have also issued our report datedOctober 22, 2009 on our consideration of the Authority's internal control over financial reportingand on our tests of its compliance with certain provisions of laws, regulations, contracts, andgrant agreements and other matters. The purpose of that report is to describe the scope of ourtesting of internal control over financial reporting and compliance and the results of that testing,and not to provide an opinion on the internal control over financial reporting or on compliance.Offices in 17 states and Washington, DC
That report is an integral part of an audit performed in accordance with Government AuditingStandards and should be considered in assessing the results of our audit.The Management's Discussion and Analysis and Required Supplementary Information on pages11 through 20 and 61 and 62 are not a required part of the basic financial statements but aresupplementary information required by the Governmental Accounting Standards Board. Wehave applied certain limited procedures, which consisted principally of inquiries of managementregarding the methods of measurement and presentation of the required supplementaryinformation. However, we did not audit the information and express no opinion on it.Our audit was performed for the purpose of forming an opinion on the financial statements thatcomprise the Authority's basic financial statements. The accompanying introductory section andstatistical tables are presented for the purpose of additional analysis and are not a required part ofthe basic financial statements. The introductory section and statistical tables have not beensubjected to the auditing procedures applied in the audit of the basic financial statements and,accordingly, we express no opinion on them.Calverton, MarylandOctober 22, 2009
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