Metro - File #: 2017-0220

• File #: 2017-0220
• Type: Informational Report
• Status: Filed
• File created: 3/24/2017
• In control: Finance, Budget and Audit Committee
• On agenda: 4/19/2017
• Final action: 4/19/2017
• Title: RECEIVE AND FILE the Los Angeles County Metropolitan Transportation Authority's (LACMTA) basic financial statements and component financial statement audits completed by Crowe Horwath LLP (Crowe) for the fiscal year ended June 30, 2016.
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Audit, Evaluation and assessment, Financial Audit, Informational Report, Low Carbon Transit Operations Program, Project, Prop 1b - Highway and Port Safety and Air Quality Bond Act, Service Authority For Freeway Emergencies, Transportation Development Act of 1971

Date	Action By	Action	Result
4/19/2017	Finance, Budget and Audit Committee

Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
APRIL 19, 2017


Subject/Action
SUBJECT: BASIC FINANCIAL STATEMENTS AND COMPONENT AUDITS

ACTION: RECEIVE AND FILE


Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Los Angeles County Metropolitan Transportation Authority's (LACMTA) basic financial statements and component financial statement audits completed by Crowe Horwath LLP (Crowe) for the fiscal year ended June 30, 2016.

Issue
ISSUE

LACMTA is required to be audited annually by independent certified public accountants. The resulting reports include Metro's basic financial statements and component audits for the year ended June 30, 2016:
* Independent Auditors' Report on the LACMTA's basic financial statements which include the financial statements of the governmental activities, business-type activities, each major fund and the aggregate remaining fund information of LACMTA for the year ended June 30, 2016;
* Independent auditors' SAS 114 letter covering required audit communications;
* LACMTA Single Audit Report Fiscal year ended June 30, 2016 which include:
o Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards; and
o Independent Auditors' Report on Compliance for Each Major Federal Program; Report on Internal Control over Compliance; and Report on the Schedule of Expenditures of Federal Awards as Required by the Uniform Guidance;
* Independent Accountants' Report on Applying Agreed-Upon Procedures on the LACMTA's Federal Funding Allocation Data for the Transportation Operating Agency (ID# 90154) for the fiscal year ended June 30, 2016;
* Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance with the California Code of Regulations (Section 6667) and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Au...