Keywords
Circular A-133
federal funds
audit findings
How to Cite
Abstract
The municipalities of the Commonwealth of Puerto Rico are eligible to receive funds from the federal government of the United States. This study presents a descriptive discussion of the federal funding received by these municipalities during fiscal years 2005 to 2009. The findings of the audits performed in connection with these funds are also discussed. The results indicate that the municipalities in the sample received an average of $8.2 million a year in federal funding. The municipality of San Juan, the capital city of Puerto Rico, received an average of $126.5 million a year and was largest recipient of federal funds during the sample period. The results also indicate that 72.99 percent of the audits disclosed reportable conditions and 31.02 percent disclosed material weaknesses. In addition,auditors issued a qualified opinion report on 33.69 percent of the conducted audits. Lastly, 53.15 percent of all audited funds are associated with programs that disclosed audit findings.By submitting a contribution to consideration of the Editorial Board of Fórum Empresarial, the authors attest that it is an original, unpublished work, which has not been nor will be simultaneously submitted to another journal for consideration and publication; that they are responsible for the work carried out and the content of the article; and they have the corresponding copyrights.
The authors grant the right of first publication of their work to Fórum Empresarial, in any medium and physical and electronic format, including internet. Publication shall be subject to the Creative Commons Attribution-NonCommercial 4.0 International License, which allows third parties to share the work, provided that the author and Fórum Empresarial (as a first publication) are cited.
The journal allows authors to retain publishing rights without restrictions. Authors are able to enter into separate, additional arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in Fórum Empresarial.