Significant Flaws Revealed in the Financial Management and Procurement Practices of the U. S. Virgin Islands’ Public Finance Authority

The Office of the Virgin Islands Inspector General and the Office of Inspector General of the Department of the Interior have issued a joint report on the operations of the VI Public Finance Authority. We determined that PFA did not maintain sufficient internal controls to safeguard assets and did not provide reasonable assurance that financial transactions and related reports were accurate, as evidenced by the $50 million in financial reporting discrepancies, conflicts of interest, and the $101.1 million in questionable expenditures we found during our fieldwork. To view the report, click here.