GPA gets unqualified clean opinion

by Nick Delgado

Guam - An audit for the Guam Power authority shows the agency ended last fiscal year with a $7.7 million decrease in net assists. The clean audit released by the Guam Office of Accountability states the drop is an improvement compared to Fiscal Year 2009 when GPA had a $14 million loss.

GPA was applauded for correcting material weaknesses as well as discrepancies in fuel inventory reports between the generation and accounting departments. The audit also point out that sales of electricity declined by $23.1 million, despite the growth in customers.

The report states GPA needs to correct regular review of customer deposits, incorrect late charges, inaccurate counts of inventory, incorrect accrual of sick leave hours, untimely reconciliations of utility plant ledgers among others.