The report, prepared by J. Scott Magliari & Company, was completed ahead of the April 1 deadline, he added.
“CUC has reached a milestone in its 20-year tumultuous history by taking receipt of the Independent Auditor’s Report and Financial Statements for FY 2010 that for the first time is unqualified and timely,” he told Variety.
He said CUC is a “component unit” of the CNMI and having the audit completed on time will mean that the CNMI government audit will be a notch better.
The federal government grantors would appreciate this, he added.
”I am pleased that the utility has earned an unqualified audit because of the credibility it brings to our books should we need to go out for any kind of financing,” he said.
Malae commends CUC’s chief accountant Arlene Lizama and chief financial officer Charles Warren for this “accomplishment.”
He also praised former CUC Executive Director Antonio Muna for hiring Lizama and Warren.
Malae said CUC’s deficit has significantly declined.
In 2008, he added, it was $14,116,751; in 2009, $10,870,995; and in 2010, $1,972,346.
