Audit delay explained
Accuracy must come before speed
The Office of the Governor is addressing concerns about delays in the Government of Guam’s Fiscal Year 2024 financial audit, saying accuracy must come before speed.
Officials say the audit is being conducted by independent firm Ernst & Young, but the administration is still waiting for key draft financial statements needed to finalize the report.
Department of Administration director Ed Birn said those documents are part of the normal audit process and must be completed before the final audit can be issued.
Guam undergoes two audits each year — a financial statement audit reviewing the government’s overall financial condition, and a single audit examining compliance with federal program requirements.
The administration says Ernst & Young issued 60 draft findings earlier this year, with agencies currently working through documentation and corrective actions.
Officials also cited staffing challenges at the auditing firm and a nationwide shortage of qualified auditors as contributing factors.
Despite the delay, the administration says Guam’s financial standing remains strong, pointing to recent credit rating upgrades from agencies including Moody’s, S&P, and Fitch.