Comptroller of Puerto Rico issues an audit report on the State Insurance Fund Corporation with a favorable opinion for the management of federal funds related to the COVID-19 pandemic
San Juan, Puerto Rico — (April 10, 2026) The new Comptroller of Puerto Rico, Attorney Carmen A. Vega Fournier, reported today the results of the compliance audit conducted on the State Insurance Fund Corporation (CFSE), corresponding to the period from March 1, 2020 to June 30, 2025. The audit, of a specific scope, was aimed at evaluating the management of federal funds related to the COVID-19 pandemic, including the funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the American Rescue Plan Act (ARPA).
“The result of this audit reflects that the evaluated operations of the Corporation were carried out, in all significant respects, in accordance with applicable law and regulation. The report issued contains a favorable opinion, which means that the examined transactions substantially comply with the applicable legal and regulatory requirements.”
Attorney Vega Fournier, who is an attorney and Certified Public Accountant, detailed “among the main results, it stands out that: federal revenues were deposited in separate bank accounts in accordance with applicable regulation; the funds were recorded in a timely manner in the accounting system according to federal provisions, and the corresponding closing reports were prepared, including the return of surpluses to the Department of the Treasury in accordance with federal regulations. Regarding internal control, the audit determined that the Corporation maintains an adequate and effective structure,
without identifying significant deficiencies that warrant findings or comments in the report. Therefore, we recognize these good performances of the employees and the administration of the Corporation.”
Likewise, as stated in the auditors' report, as part of the communication process with management, the auditors notified the administration of the Corporation of the evaluation results, without any adverse situations arising that required corrective action.
“The absence of findings in this audit should not be interpreted as a concluded exercise, but as a continuous responsibility to maintain effective controls, strengthen governance and ensure rigorous compliance with applicable laws, especially in the management of federal funds,” added the Comptroller.
The official also stressed that this report reaffirms the importance of maintaining robust administrative practices in entities that manage critical resources for the well-being of the workers of Puerto Rico, highlighting the Corporation's role in the protection and compensation of the Island's workforce.
As part of its general recommendations —even in the absence of findings— the Office of the Comptroller urged the management of the CFSE to: continue strengthening its internal controls, maintain transparency in the management of public funds, and ensure the sustainability of its administrative practices in accordance with state and federal standards.
“We reiterate our call to all public officials and employees to ensure the efficient, economical, ethical and responsible use of the Government's resources, for the benefit of the people of Puerto Rico,” concluded the Comptroller.
The full report is available on the official portal of the Office of the Comptroller of Puerto Rico.
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