The District of Columbia Water and Sewer Authority (DC WASA) has received its 13th consecutive unqualified audit opinion, meaning that in the opinion of an independent auditor, the financial statements give a true and fair view and are prepared in accordance with the applicable financial reporting and internal controls framework. DC WASA has received an unqualified audit opinion in each of its 13 years in existence.

The auditing process reviews an enterprise’s practices related to accounting, financial reporting, budgeting, procurement and internal processes and controls. An unqualified opinion is rendered only when the results of this thorough review leave no questions or concerns on the part of the independent auditor.

The Authority undergoes a thorough external auditing process each year. This year’s audit, which spanned three months, was performed by Thompson, Cobb, Bazilio & Associates, PC (TCBA). In addition to the annual audit at the close of the fiscal year, TCBA also performs an interim audit prior to the close of the fiscal year. This is an opportunity to identify any areas or processes that might warrant additional investigation by DC WASA.

The external audit process not only certifies that an enterprise adheres to standard accounting practices, but also that internal controls support the achievement of the organizations goals and mission. Internal controls are a series of inter-related activities in each and every department. For example, an internal process for the Fleet Department could state that employees must take fleet vehicles with performance issues to the Fleet Department. This assures that individuals do not take a Fleet vehicle to their own repair shop where the work could be inferior, more costly, or even lead to an accident. It also ensures that the repair is recorded, so that the data is available for future decision-making.

The 2009 DC WASA audit came at a time when the Authority saw significant change in leadership. Management and staff alike have been encouraged to view current practices and procedures with a fresh perspective, and to present suggestions for improvements to those practices.

The opinion letter from Thompson, Cobb, Bazilio & Associates, PC, is attached as a .pdf below.

DC WASA’s Comprehensive Annual Financial Report, with the Management Discussion by Thompson, Cobb, Bazilio & Associates, PC, can be found at:
http://www.dcwasa.com/news/publications/CAFR%202009.pdf.