Third straight clean audit for Port Authority
<span style="font-family: Arial, sans-serif; font-size: 12px; line-height: 13.8000001907349px;"> It was hinted at their meeting last month and today Deloitte and Touche officially presented the findings of a financial audit of the Port Authority of Guam. </span>
February 20, 2015Updated: February 20, 2015
By KUAM News
By KUAM News by Ken Quintanilla
Guam - It was hinted at their meeting last month and today Deloitte and Touche officially presented the findings of a financial audit of the Port Authority of Guam. For the third year in a row, the agency received a clean audit and was designated a low risk auditee for purposes of federal grants. Deloitte and Touche partner Lee Vensel says the Port is only the second Government of Guam agency aside from the Guam Community College to receive this status.
"The auditor's report is unmodified which is good, no material weaknesses identified, no significant deficiencies reported, this is for the financial statements - no noncompliance material for financial statements reported. For major federal programs, no material weaknesses, no significant deficiencies and an unmodified report which is unqualified," he explained.
The financial audit notes the port increased its net position by $3.3 million, operations up by $5.6 million and operating expenses down almost $3 million.
Guam - It was hinted at their meeting last month and today Deloitte and Touche officially presented the findings of a financial audit of the Port Authority of Guam. For the third year in a row, the agency received a clean audit and was designated a low risk auditee for purposes of federal grants. Deloitte and Touche partner Lee Vensel says the Port is only the second Government of Guam agency aside from the Guam Community College to receive this status.
"The auditor's report is unmodified which is good, no material weaknesses identified, no significant deficiencies reported, this is for the financial statements - no noncompliance material for financial statements reported. For major federal programs, no material weaknesses, no significant deficiencies and an unmodified report which is unqualified," he explained.
The financial audit notes the port increased its net position by $3.3 million, operations up by $5.6 million and operating expenses down almost $3 million.