Amtrak 2015 Annual Report Download - page 54

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1607-2003957 52
Report of Independent Auditors on Internal Control Over Financial Reporting and
on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards
The Board of Directors and Stockholders
National Railroad Passenger Corporation
We have audited, 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, the financial statements of National
Railroad Passenger Corporation and subsidiaries (Amtrak or the Company), which comprise the
consolidated balance sheet as of September 30, 2015, and the related consolidated statements of
operations, comprehensive loss, changes in capitalization, and cash flows for the year then ended,
and the related notes to the financial statements, and have issued our report thereon dated August 3,
2016.
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.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered Amtrak’ s internal
control over financial reporting (internal control) to determine the audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinion on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of Amtrak’ s
internal control. Accordingly, we do not express an opinion on the effectiveness of Amtrak’ s
internal control.
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