The Office of the Comptroller of Puerto Rico issues an adverse opinion on the fiscal operations of the Corporation of the School of Plastic Arts and Design of Puerto Rico (School). The Report contains seven findings as a result of the examination carried out of the investigations and notifications of losses or irregularities of public funds, on collections, petty cash, bank reconciliations, accounting records and disbursements, among others.
The audit revealed that, contrary to Act 96 on the Loss of Public Funds, the School took more than four years to prepare a report on the loss of $6,500 and the deficiency in collections of $1,493. The notification of these situations to our Office took approximately four years, and the School never notified the loss to the Department of Justice. In addition, our auditors identified the absence of provisions in the Accounting Regulations to allow adequate and uniform control of operations, as well as multiple deficiencies related to collections.
The Report points out that the Official Collector performed conflicting functions of collecting funds while also managing petty cash; an employee made the accounting records and also approved them; and a former employee retained access to record and approve disbursements in 2014 even though she had ended her duties in 2010, among other deficiencies.
The audit evidences noncompliance with regulations 23 and 4284 on the administration, control and filing of fiscal documents, since several documents on insurance policies, bank reconciliations, disbursements, tuition collections, and others were not provided to us or located.
See Audit Report CP-17-05
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