OPA reports clean audit for GVB - KUAM.com-KUAM News: On Air. Online. On Demand.

OPA reports clean audit for GVB

Posted: Apr 16, 2018 3:58 PM Updated:

Despite a net loss of more than $300,000, the Guam Visitors Bureau has received a "clean" Fiscal Year 2017 audit by the Guam OPA.  This marks eight consecutive years where auditors did not find any significant problems with GVB's Report on Internal Control over financial Reporting and Compliance. Independent auditors Deloitte & Touche compiled the report.

With a changing tourism industry, GVB faced challenges, including a declining trend in the Japan market. Japan visitor arrivals dropped by nearly 80,000 visitors last year with just 674,000 reported. Threats from North Korea last year was the biggest factor to the Japan market decline, according to the report.

Overall, Guam saw a three-percent growth in tourism from the previous year or about 1.56 million visitors. Also in the report, GVB won the President's "E" Award from U.S. Secretary of Commerce Wilbur Ross, the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.

The "E" Awards Committee appreciated GVB's Tourism 2020 strategic plan which demonstrated exceptional growth in tourism. You can read all the details of the audit at www.opaguam.org.

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