Guam - The Office of Public Accountability has released the Port Authority of Guam's Fiscal Year 2011 financial statements along with its Report on Compliance and Internal Controls. Port general manager Pedro Leon Guerrero says the clean, unqualified report was prepared by Ernst & Young and the OPA and helps the port move forward in improving areas of cash management and standard operating procedures.
He said, "We look to improve for this coming fiscal year, we're going to be working on a few minor deficiencies, and we're already working on it, working with SOPs, and we're taking the recommendations. But, we're really happy with this report and we're going to work on an even better report next time."
Leon Guerrero says this is the ninth straight year that the Port ended with an increase of net assets and income and the fourth consecutive year that the Port completed its financial audit within four months at the at the close of the fiscal year.