Previous Story
CUC at work on draft financial statement for govt single audit
With only a few weeks before a government-wide deadline, the Commonwealth Utilities Corp. is busy at work on financial data for the government’s single audit.
David Burger of Burger Comer Magliari updated the CUC board last week on a “hard” June 3 deadline for CNMI audit data to be submitted to a clearinghouse.
After a meeting with the Office of the Public Auditor, Burger said they aim to feed a draft financial statement by May 29 to Deloitte, the firm performing the CNMI audit, so the firm can incorporate it in their government-wide financial statement.
Burger submitted a report to the board on “what’s pending or in progress” on CUC’s financial report. He said testing of fuel transactions are 90 percent done, but testing for compliance for single audit purposes for federal programs are only about 70 percent done.
To complete this effort, Burger asked for, among others, the board’s minutes for 2014, CUC’s original and amended budget for 2014, its schedule of capital contributions if there were any, its notes receivables schedule, its schedule on analysis of production fuel under or over recovery, and the schedule for analysis of fuel revenues and fuel costs.
He also asked for CUC’s Bank of Guam general reconciliation.
“We are all under the gun right now,” he said. “We don’t want any excuse that we can’t include you guys in the CNMI government.”
CUC board chair Adelina Roberto urged management to get this information to Burger.
