Amtrak 2015 Annual Report Download - page 4

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1607-2003957 2
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the consolidated financial position of National Railroad Passenger Corporation and subsidiaries at
September 30, 2015 and 2014, and the consolidated results of their operations and their cash flows
for the years then ended in conformity with U.S. generally accepted accounting principles.
Federal Government Funding
As explained in Notes 1 and 2 in the accompanying consolidated financial statements, the
Company has a history of operating losses and is dependent upon substantial Federal Government
subsidies to sustain its operations and maintain its underlying infrastructure. As further explained
in Note 2 to the consolidated financial statements, the Company is receiving Federal Government
funding under the Continuing Appropriations Resolution, 2016 and the Consolidated and Further
Continuing Appropriations Act, 2016. There are currently no Federal Government subsidies
appropriated by law for any period subsequent to September 30, 2016. Without the receipt of
Federal Government funding, the Company will not be able to continue in its current form and
significant operating changes, restructurings, or bankruptcy might occur. Our opinion is not
modified with respect to this matter.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we also have issued our report dated
August 3, 2016, on our consideration of the National Railroad Passenger Corporation and
subsidiaries’ internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of
that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering National Railroad Passenger
Corporation’ s internal control over financial reporting and compliance.
EY
August 3, 2016
A member firm of Ernst & Young
Global Limited