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1607-2003957 1
Report of Independent Auditors
The Board of Directors and Stockholders
National Railroad Passenger Corporation
Report on the Financial Statements
We have audited the accompanying consolidated financial statements of National Railroad
Passenger Corporation and subsidiaries (Amtrak or the Company), which comprise the
consolidated balance sheets as of September 30, 2015 and 2014, and the related consolidated
statements of operations, comprehensive loss, changes in capitalization, and cash flows for the
years then ended, and the related notes to the consolidated financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements
in conformity with U.S. generally accepted accounting principles; this includes the design,
implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free of material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audits. We
conducted our audits in accordance with auditing standards generally accepted in the United States
and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’ s judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the entity’ s preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity’ s internal control. Accordingly, we express
no such opinion. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of significant accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
Ernst & Young LLP
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703 747 1000
Fax: +1 703 747 0100
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