External auditors give ATP an unmodified opinion on FY2025 financial statements

External auditors reported an unmodified (clean) opinion on the Austin Transit Partnership’s FY2025 financial statements during the board’s April 15 meeting, and did not identify material weaknesses or significant deficiencies in internal control over financial reporting.

Danielle Shriver, senior manager at Crowe LLP, told the board the auditors assessed new accounting standards (GASB 101 and GASB 102) and concluded there was no material impact to ATP’s financial statements. She also said the audit identified one uncorrected prior‑year prepaid asset that management elected not to restate; the item was corrected in the current year’s financials.

"We are not aware of any relationships between Crowe and ATP that may impair independence," the audit team reported, and they told the board they did not identify concerns around accounting policies, disclosures or inappropriate selective correction of misstatements.

Audit partner Brad Shelly and CFO Brian Rivera both praised the finance team for producing a more detailed annual comprehensive financial report and for maintaining strong budget controls year over year. Shelly highlighted upcoming GASB guidance (GASB 103 and GASB 104) that will increase reporting disclosures but not materially change transaction recording. He also flagged that when federal grant agreements are executed ATP will need to perform additional compliance testing under uniform guidance and prepare for related controls testing.

Board members asked how the audit team is coordinating with ATP’s internal audit. Rivera said finance and internal audit are working together to prepare for federal funding compliance once grant agreements are finalized.

What’s next: The board received the audited financial statements, and staff said they will continue preparing for federal grant compliance and return with required reporting as FTA deliverables and grant agreements are executed.