Finding 1167398 (2023-002)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2023

Accepted

2025-12-31

Audit: 378468

Organization: Compañia de Turismo de Puerto Rico (PR)

Auditor: RSM PUERTO RICO

AI Summary

Core Issue: The Company failed to submit 11 out of 22 required bi-weekly financial reports on time, with two reports submitted late.
Impacted Requirements: This noncompliance may lead to issues with reporting obligations, as it is a repeat finding from the previous year.
Recommended Follow-up: Ensure key personnel are trained and accountable for timely report submissions to avoid future delays.

Finding Text

Condition: The Company did not submit or submit with delay the required bi-weekly financial reports. Cause: The key personnel in-charge of reporting requirements did not perform the procedures to assure that reports were submitted on time. Effect or potential effect: Condition may result in noncompliance with the requirements for reporting. Questioned Costs: None Identification as repeat finding: This finding is a recurrence of prior year finding 2022-002. Context: The Company did not submit eleven (11) of twenty two (22) of the financial reports required for the following dates: July 1, 2022 Bi-weekly report due August 19, 2022 October 7, 2022 July 15, 2022 February 3, 2023 September 2, 2022 November 18, 2022 August 5, 2022 September 16, 2022 March 3, 2023 December 2, 2022 Also, the Company submitted with delay two (2) of the eleven (11) submitted reports. The delayed reports were the following: Bi-weekly report due date Filling date May 5, 2023 Days on delay May 12, 2023 May 19, 2023 7 days May 25, 2023 6 days

Corrective Action Plan

Views of responsible officials: 6 days The Company will establish a clear and organized calendar for the submission of all required reports. This calendar will serve as a reference to ensure that all deadlines are met, helping to improve overall efficiency. By outlining specific dates for each report will avoid delays and ensure that all required reports and documentation are submitted on time, contributing to a more effective report delivery process. Names of the contact persons responsible for the corrective action plan: Nilsa Rodríguez Rivera (CFO -2025) Anticipated complete date: This corrective action was implemented as of December 31, 2024.

Other Findings in this Audit

1167397 2023-001

Material Weakness Repeat
1167399 2023-003

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
21.027	CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS	$10.99M
11.307	ECONOMIC ADJUSTMENT ASSISTANCE	$391,680