The Commonwealth Utilities Corp. has not counted its fixed and capital assets or equipment and real property for the year 2016, according to an independent report released last week by the Office of the Public Auditor.
Conducted by independent auditing firm Burger, Comer, Magliari, the internal audit showed that CUC has not conducted a physical count of its capital assets as of Sept. 30, 2016. It further said that since a physical count has not been conducted, the asset list may not include assets that have been retired, broken, idle, destroyed, or stolen.
Fixed and capital assets must be recorded accurately by a business and the current estimated value of these assets should be reflected to provide accurate financial statements. Without accurate asset records, a business’ financial…
