Wednesday, August 12, 2020

KPMG Cited to Hearing on Delay of Government’s Financial Statements

By on February 16, 2016

SAN JUAN – The Senate Treasury and Public Finance Committee, headed by Sen. José Nadal Power, will hold public hearings Tuesday on the status of the government’s audited financial statements.

The Government Development Bank (GDB), Treasury Department, and the Klynveld Peat Marwick Goerdeler (KPMG) accounting firm, responsible for drafting the financial statements, have been cited to testify before the committee.

Nadal Power explained that “what we want from this hearing today is to find a solution to this situation. We will clarify the roles of each in the process so we can have those financial statements audited as soon as possible,” adding that for the “U.S. congressmen who use the financial statements as an excuse to deny tax incentives to Puerto Rico, we will end that by handing them the [statements].”

House Speaker Jaime Perelló Borrás has been invited by the committee to participate in questioning those cited.

Many economists believe that regardless of the reason for the audited financial statements’ delay, every passing day distances the possibility of aid to Puerto Rico and continues to affect the island’s credibility.

They also agree that as the due dates for debt and interest payments approach, presenting the financial statements, which are supposed to reflect the island’s economic situation, is needed more than ever.

The latest existing financial statement is for fiscal year 2013.

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