WMATA turns over FY2014 audit to FTA

The Washington Metropolitan Area Transit Authority (WMATA) has submitted the results of its 2014 independent financial audit to the Federal Transit Administration (FTA).

Finishing the audit marks progress toward WMATA "getting its financial house in order," said Chief Financial Officer Dennis Anosike in a press release.

"We continue to address the historic issues raised over prior fiscal years, and already are working with FTA on a number of corrective actions to ensure full compliance going forward," Anosike said.

Completed by McGladrey LLP, the audit contains 26 findings, many of which are consistent with the FTA's financial management oversight report for the period, WMATA officials said. Agency officials did not disclose what those findings were in the press release.

In 2014, the FTA restricted the Washington, D.C.-area transit agency's ability to draw federal funds following that management oversight review, which called into question WMATA's handling of grant money, according to The Washington Post.

The FTA may not lift those restrictions until sometime in 2016, the paper reported.

On Sept. 10, WMATA's Board Audit Committee will be presented with a full report of the latest findings, along with a corrective action plan, agency officials said.