Favorable opinion from the Office of the Comptroller on the fiscal operations of the Industrial Development Company
The Office of the Comptroller of Puerto Rico (OCPR) issued a favorable opinion on the fiscal operations of the Industrial Development Company of Puerto Rico. The tests performed and the evidence revealed that the Company's operations were carried out, in all significant aspects, in accordance with the applicable law and regulations.
The auditors evaluated specific objectives of the contracts and the disbursements for the maintenance, repair and conservation services of the Company's properties. In this regard, among other things, they examined whether the contracts were formalized before the contractor provided services, whether the contracts were filed with the Office of the Comptroller, and whether the disbursements were made in accordance with the applicable regulations.
Based on the work performed, no significant deficiencies related to internal controls that merit comment in this Report were identified.
The revenue and expenses from July 1, 2020 to June 30, 2023 reflected that the Company generated revenue of $191.7 million and incurred expenses of $152 million.
This Report covers the period from July 1, 2020 to January 15, 2025.
The Audit Report OC-25-78 can be obtained on our website: www.ocpr.gov.pr.
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