Auditors identify weaknesses with CLTC - KUAM.com-KUAM News: On Air. Online. On Demand.

Auditors identify weaknesses with CLTC

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 by Ken Quintanilla

Guam - The Chamorro Land Trust Commission may have seen an increase in its net income for Fiscal Year 2013 and received a clean audit, but according to auditors they identified five repeat material weaknesses.

According to the Guam Office of Public Accountability those material weaknesses included the lack of a formal accounting system; lack of monitoring of leases, royalties and loan guarantees; the lack of accounts receivables follow up and collection; and the lack of a formal rental lease agreement. You can read the audit at OPAGuam.org.

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