File #: 2021-0050   
Type: Informational Report Status: Filed
File created: 2/12/2021 In control: Finance, Budget and Audit Committee
On agenda: 3/17/2021 Final action: 3/17/2021
Title: RECEIVE AND FILE the Los Angeles County Metropolitan Transportation Authority's (Metro) basic financial statements and component financial statement audits completed by Crowe LLP (Crowe) as of and for the fiscal year ended June 30, 2020.
Sponsors: Finance, Budget and Audit Committee
Indexes: Annual reports, Audit, Evaluation and assessment, Financial Audit, Informational Report, Low Carbon Transit Operations Program, Project, Service Authority For Freeway Emergencies, Transportation Development Act of 1971
Attachments: 1. Attachment A – SAS 114 Letter Covering Required Communications, 2. Attachment B – Single Audit Report for FY20, 3. Attachment C – Federal Funding Allocation Data for the Transportation Operating Agency (ID# 90154) for FY20, 4. Attachment D – Transportation Development Act Operations Agency for FY20, 5. Attachment E – Transportation Development Act Schedule of Revenues, Expenditures and Changes in Fund Balances for FY20, 6. Attachment F – State Transit Assistance Special Revenue Fund’s Financial Statements as of FY19 and FY20, 7. Attachment G – Crenshaw Project Corporation Financial Statements for FY20, 8. Attachment H – Service Authority for Freeway Emergencies Financial Statements for FY20, 9. Attachment I – Low Carbon Transit Operations Program (LCTOP) and Report on Internal Control over Compliance for FY20
Meeting_Body

FINANCE, BUDGET AND AUDIT COMMITTEE
MARCH 17, 2021


Subject
SUBJECT: BASIC FINANCIAL STATEMENTS AND COMPONENT AUDITS

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Los Angeles County Metropolitan Transportation Authority's (Metro) basic financial statements and component financial statement audits completed by Crowe LLP (Crowe) as of and for the fiscal year ended June 30, 2020.

Issue
ISSUE

Metro is required to be audited annually by independent certified public accountants. The resulting reports include Metro's basic financial statements and following component audits for the fiscal year ended June 30, 2020 (FY20):
> Comprehensive Annual Financial Report for the Los Angeles County Metropolitan Transportation Authority;
> Independent Auditor's SAS 114 letter covering required communications related to the financial statement audit;
> Single Audit Report;
> Independent Accountant's Report on Applying Agreed-Upon Procedures on Federal Funding Allocation Data for the Transportation Operating Agency (ID# 90154);
> Independent Auditor's Report on Compliance with the California Code of Regulations (Section 6667); Report on Internal Control over Compliance; and Report on 50% Expenditure Limitation Schedule for Transportation Development Act Operations Agency;
> Independent Auditor's Report on Compliance with the California Code of Regulations (Sections 6640-6662); Report on Internal Control over Compliance; and Report on Schedule of Revenues, Expenditures, and Changes in Fund Balances for Transportation Development Act;
> Independent Auditor's Report on the Los Angeles County Metropolitan Transportation Authority State Transit Assistance Special Revenue Fund's basic financial statements for the fiscal years ended June 30, 2019 and June 30, 2020.
> Independent Auditor's Report on Crenshaw Project Corporation (A Component Unit of the Los Angeles County Metropolitan Transportation Authority) financial statemen...

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