Summary

This audit included an examination of the Authority's general purpose financial statements as of and for the fiscal year ended June 30, 1998. The proper administration of public resources requires that Authority management establish and maintain internal controls that will reasonably assure the effective and efficient conduct of their duties and responsibilities. As part of our audit, we considered the Authority's internal control to determine our audit procedures. The audit also included examinations of various transactions to determine whether they were executed, both in manner and substance, in accordance with governing provisions of laws, administrative rules, contractual agreements, and other guidelines.

Our audit objectives were to determine whether the Seminole County Expressway Authority and its officers with administrative and stewardship responsibilities for Authority operations had:

• Presented the Authority's general purpose financial statements in accordance with generally accepted accounting principles;
• Established and implemented internal control to provide reasonable assurance of proper authorization of financial transactions; to provide for the proper recording and reporting of the Authority's financial operations; to adequately safeguard the Authority's assets; and to promote and encourage economic and efficient operations and compliance with various provisions of laws, administrative rules, contractual agreements, and other guidelines; and
• Complied with the various provisions of laws, administrative rules, contractual agreements, and other guidelines governing the conduct of its public affairs.

Additionally, this audit report provides information the Legislature may use to improve Authority operations and allocate public resources.

The methodology used to develop the results in this report included the examination of pertinent records of the Authority in connection with the application of procedures required by generally accepted auditing standards and applicable standards contained in Government Auditing Standards issued by the Comptroller General of the United States.

Financial Statements

We found that the general purpose financial statements of the Seminole County Expressway Authority, a component unit of the State of Florida, fairly presented, in all material respects, its financial position as of June 30, 1998, and the results of its operations for the fiscal year then ended, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to examine evidence regarding Year 2000 disclosures. (See INDEPENDENT AUDITOR’S REPORT ON GENERAL PURPOSE FINANCIAL STATEMENTS.) Because of the unprecedented nature of the Year 2000 issue, its effects and the success of related remediation efforts will not be fully determinable until the Year 2000 or thereafter. Accordingly, we do not provide assurance with regard to the ultimate impact of the Year 2000 issue on the Seminole County Expressway Authority.

Compliance Matters

The results of our tests of compliance indicated that, with respect to the items tested, the Seminole County Expressway Authority had generally complied with the significant provisions of laws, administrative rules, contractual agreements, and other guidelines governing those activities and classes of transactions within the scope of audit. (See INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE AND ON INTERNAL CONTROL BASED ON AN AUDIT OF THE GENERAL PURPOSE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS.)

Internal Control

Procedures which generally provide for internal control of Authority operations have been established and implemented. (See INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE AND ON INTERNAL CONTROL BASED ON AN AUDIT OF THE GENERAL PURPOSE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS.)