Guam News - Guam News

Guam - The latest audit released by the Guam Office of Public Accountability gives a qualified opinion to the Liberation Day Committee for its handling of  funds during the 2010 Guam Island Fair.

The independent audit was conducted by Deloitte and Touche.

The auditors issued a qualified opinion on the Liberation Day Committee's "statement of deposits and disbursements and changes in cash due to the inability to verify the classification of $49K of deposits and $33K of disbursements for the period from March 17, 2010 to December 31, 2010."

READ the Highlights of the Liberation Day Committee's 2010 Financial audit HERE 

In addition, the report on internal control and compliance identified two findings:

1) lack of formal accounting and financial reporting policies and procedures, which was considered a material weakness

2) noncompliance with applicable procurement regulations.

A separate management letter was also issued identifying 10 deficiencies, such as unreconciled differences in ticket sales, lack of receipts for cash received, and lack of procurement documents for $36K of disbursements.

These deficiencies were similar to the ones identified in OPA Report No. 10-09, Liberation Day Committee Funds and Activities, issued in
December 2010.