ANNUAL AUDIT PLAN FOR 2024

We are pleased to present our audit plan for calendar year 2024. In developing this plan, we continue to align our work with the historic opportunities and inherent challenges that Amtrak (the company) faces as it spends the largest federal investment in passenger rail in generations. Under the Infrastructure Investment and Jobs Act (IIJA),1 the company has access to up to $22 billion in direct funding and potentially tens of billions more in other federal discretionary grants, which could more than triple its annual spending on capital programs.2 At the same time, the company will continue facing a series of other important and complex issues regardless of its capital expenditures, including maintaining its commitment to safety, addressing persistent physical and cyber‐security threats, anticipating and responding to evolving customer demands, and the nondiscretionary requirement to refresh and modernize its equipment and technology.

Accordingly, we have begun a series of audits to assess how the company is overseeing its major capital programs and contracts, managing its IIJA funding, promoting safety, and addressing emerging risks. For example, we are assessing the company’s management and oversight of three multi‐billion‐dollar capital projects—the replacement of the Fredrick Douglass Tunnel in Baltimore, the procurement of a new long‐distance fleet, and the Gateway program’s Portal North Bridge project. We are also reviewing the company’s procurement processes, assessing its disaster recovery plans for its operational technology assets, and evaluating its efforts to prevent trespasser and vehicle strikes.

Our planned audits for 2024 primarily focus on our longstanding commitment to capital investment oversight, and our ongoing and planned work covers approximately $40 billion of the company’s capital projects—largely funded through IIJA. For example, we plan to review the $16.1 billion Hudson Tunnel project, $4.9 billion in planned maintenance facilities upgrades, the $2.7 billion Susquehanna Bridge replacement project, and others. At the same time, we plan to continue overseeing an array of other high‐risk, high‐impact areas, including the company’s cyber‐security risks, physical security at stations and yards, environmental challenges, and its efforts to address the needs of passengers with disabilities.