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."
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
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