• Submitted by: manso
• Business and Economy
• 04 / 09 / 2011

---

Forty percent of state institutions and companies randomly audited late last year by the Contraloría Nacional received grades below “satisfactory” for their accounting, Comptroller General Gladys Bejerano said, according to Prensa Latina.

Among the problems detected in the audits were “inventory, organization, collectibles and payables without justification, as well as incorrect handling of funds,” a Contraloría official said. The below-satisfactory institutions are in a “rectification process,” she added.

Under economic reforms to be announced during a Communist Party Congress April 16-19, loss-making state companies might be shut down.

Bejerano announced that another 750 institutions will be audited April 25 through May 31 by state inspectors and accounting students. This is the sixth wave of audits in recent years, including two in 2010.

Source: /www.cubastandard.com/2011/04/08/low-grades-for-40-of-state-companies-in-recent-audit/