FAA GETS “CLEAN” FINANCIAL AUDIT FROM DOT INSPECTOR GENERAL

FAA GETS “CLEAN” FINANCIAL AUDIT FROM DOT INSPECTOR GENERAL

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.