We had 17 ongoing audits addressing 6 focus areas of our Annual Audit Plan as of December 31, 2014. As of December 31, 2015 we had 55 active investigations focusing on significant allegations of suspected fraud, waste, and misconduct in the following areas.
The objective of our audit will be to review the extent to which best practices are being adopted into the project management office's structure, as well as operation policies and practices.
The objective of this audit will be to review the adequacy of contract oversight and administration focusing on cost, schedule, and performance in terms of the contract's effect on equipment availability and reliability rates.
Amtrak (the Company) contracted with the independent certified public accounting firm of Ernst & Young LLP to audit its consolidated financial statements as of September 30, 2013 and 2012, and for the years then ended, and to provide a report on internal control over financial reporting and on compliance and other matters. Because the company receives. federal assistance, it must obtain an audit performed in accordance with generally acceptedgovernment auditing standards.
Our objective is to evaluate the adequacy of the company's management and oversight of its construction and specialized equipment and vehicles.
Our objective for this report is to provide an updated assessment on progress and risk on the two Gateway Program tunnel projects.
I am pleased to present our Audit Plan for fiscal year 2015. This plan provides a road map for accomplishing our mission to conduct independent and objective audits to improve the economy, efficiency, and effectiveness in Amtrak’s programs and operations, while also preventing and detecting fraud, waste, and abuse.
Throughout this semiannual period, our audit work addressed issues intended to improve the efficiency and effectiveness of Amtrak’s programs and operations. We issued our first ever report on top management and performance challenges facing the company. The challenges we identified are rooted in long‐standing and complex issues that will take continuous attention over several years to effectively address.
Amtrak’s network of 15 long-distance trains is expected to lose almost $615 million in fiscal year 2014. In October 2013, the company established a long-distance business line to improve the financial performance of these trains and to help support the company’s strategic goal of being profitable on an operating basis, with revenues exceeding operating costs. Optimizing the utilization of equipment assets could help the company capture a portion of up to approximately $25 million in additional revenue each year.