REPORT ON THE FINANCIAL STATEMENTS
We were engaged to conduct an audit of the financial statements of the Public Utilities Commission (PUC) which comprise the statement of financial position as of March 31, 2020, the statement of activities and changes in general fund, and the statement of cash flows for the year then ended, and notes to the financial statements including a summary of significant accounting policies.
Basis for Disclaimer of Opinion
Management of the PUC advised us of its inability to produce certain documentation which were relevant to the audit of its financial statements, owing to the failure of the PU C’s previous management to properly account for such documentation. Consequently, we were unable to confirm or verify by alternative means, related party transactions as well as other transactions included in various expenditure accounts in the statement of activities in an amount in excess of $650,000 for the year ended March 31, 2020.
As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of recorded expenditures or to the required disclosures in the financial statements. The possible effects of undetected misstatements are deemed to be both material and pervasive to the financial statements.
Disclaimer of Opinion on 2020 Financial Statements
Because of the matters described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the financial statements. Accordingly, we do not express an opinion on the accompanying financial statements for the year ended March 31, 2020.
