External auditors issue clean opinion on ATP's 2024 financials; no findings reported

RSM, the external auditing firm for the Austin Transit Partnership, issued an unmodified opinion on ATP's financial statements for the fiscal year ended Sept. 30, 2024, and reported no findings or required audit adjustments during a March 12 board presentation.

Dean Robledo of RSM told the board the auditors completed their risk assessment and found no matters that required modification to the audit opinion. Heath Jackson, senior manager on the engagement, said auditors tested accounting estimates — such as fair value of investments — and found management's estimates to be reasonable in the samples reviewed.

The auditors also said they examined internal controls relevant to financial reporting and identified no matters that required reporting to the board. RSM began audit work in the fall and said the process included requests for information starting in November and December of the prior year.

ATP finance staff posted the audited financial report on the agency website under the transparency section, and ATP's finance director thanked the internal team for supporting the audit.

Why it matters: A clean audit opinion signals that ATP's financial statements were prepared in accordance with the applicable accounting framework for the audit period and that auditors did not record material misstatements or internal control exceptions during their testing. Board members noted the result as evidence of the finance team's work and compliance.

No board action was required on the audit presentation; the item was a discussion update. ATP staff said the financial audit is an annual process that begins after the fiscal year end and continues into the first months of the following year.

RSM encouraged the board to notify the auditors if board members were aware of any independence concerns; auditors confirmed there were none to report.