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Independent auditors give CTA clean opinion on 2025 finances and federal programs
Summary
Audit partners reported a clean (unmodified) independent auditor's opinion on CTA's financial statements for the year ended Dec. 31, 2025, and an unmodified federal compliance opinion for major programs tested; auditors reported no findings under government auditing standards and said federal testing covered roughly 99% of funds spent in scope.
Auditors from Crow and Adelfia told the Chicago Transit Authority Board on June 10 that CTA’s financial statements for the year ended Dec. 31, 2025, are fairly stated in all material respects.
"A clean independent auditor's report was issued," said audit partner Ruth Crow (speaking for the engagement team), meaning the financial statements and notes are "fairly stated in all material respects as required by government auditing standards." Partners Christine Torres and Anna Alsan reported the firm's federal single-audit work and said they issued an unmodified opinion on compliance for the two major programs selected for testing: the Federal Transit Cluster and the Rail and Transit Security grant program. Anna Alsan told the board the federal testing covered approximately 99% of federal funds spent within the scope the auditors examined.
The auditors said they reviewed internal controls under government auditing standards and had no reportable findings. They described a multi-stage audit timeline beginning with interim procedures late in the prior year, follow-up work when CTA closed its books, and several weeks of fieldwork and testing through April.
Board members thanked the audit team for the work and asked for more detail on the audit timeline and staffing effort. Audit partners said the engagement represented roughly a thousand auditor hours from their firms and emphasized it required coordination across CTA departments.
The board took no independent action in open session beyond receiving the audit presentation; the committee later placed several budget and capital items on the omnibus.
The audit findings reported to the board were limited to the independent opinions and the auditors’ statement that they had no findings under the standards and no federal compliance findings for the programs tested. The auditors offered to work with CTA staff on any follow-up requests from the board.
