Since 2006, we have been engaged by the FTA to provide Financial Management Oversight (FMO) reviews of transit agencies that receive Federal grant funds. These reviews include assessing the FTA grantees' financial management and internal control systems in accordance iwth the standards established by the "Common Rule" (49 CFR Part 18). Financial accounting systems are examined in areas of grant accruals, grant expenditures and drawdowns, ability to interface with overall financial management system, tracking and control of assets purchased with federal funds, and monitoring the progress of FTA grants.
