skip to main content

Leaving Website Disclosure

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

To remain at our site, click BACK. To leave our site for the link you selected, click OK.

Thank you for visiting UHY website.


Audit & Assurance

We provide a wide range of audit and assurance services, including financial audit, forensic audit, compliance audit, financial operations, and more.


February 7, 2020


The Financial Oversight and Management Board for Puerto Rico today announced that it selected UHY Advisors Inc. to review services performed by BDO Puerto Rico since 2016 for the Commonwealth of Puerto Rico and several instrumentalities.

UHY Advisors will initially evaluate BDO’s audits of the financial statements of the five government entities BDO audited. Those entities are the Puerto Rico Electric Power Authority (PREPA), the Puerto Rico Highway and Transportation Authority (HTA), the Teachers Retirement System (TRS), the Puerto Rico Automobile Accident Compensation Administration (ACAA), and Puerto Rico’s public broadcasting corporation (WIPR). An evaluation of BDO’s consulting services is expected to follow.

The purpose of the engagement is to determine whether the integrity of any of the services provided by BDO was affected by alleged fraudulent activities of the firm’s former managing partner who last summer was charged by federal authorities. The focus of the engagement will be of a financial nature; legal actions or remedies are not within the scope of the investigation and are the responsibility of law enforcement authorities.

“Accurate financial reports are fundamental to Puerto Rico’s fiscal and economic recovery,” said the Oversight Board’s Executive Director Natalie Jaresko. “Any doubt about the accuracy of financial reports needs to be investigated to ensure that accounting remains reliable and transparent. PROMESA has given the Oversight Board a mandate to help Puerto Rico to achieve fiscal responsibility, and financial reports are a big part of that goal.”

UHY Advisors will report to the Oversight Board and its Executive Director, and findings will be made public after the review is concluded.

About the Oversight Board

The Financial Oversight and Management Board for Puerto Rico was created under the bipartisan Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) of 2016. The purpose of the Oversight Board is to provide a method for Puerto Rico to achieve fiscal responsibility and access to the capital markets.


Hide Firm Disclaimer


UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.