Contraloría reveals nine findings during audit to Canal del Dique: questions accounting management of contract of boats for $ 706 million

The Contraloría General de la República has identified nine administrative findings during a financial audit of the Canal del Dique project, raising concerns over the accounting management of a contract involving three boats valued at 706 million pesos. The findings were revealed in an exclusive report by El Tiempo, which noted inconsistencies in penalty records, seized assets, judicial provisions, and budget reports. These issues must be corrected within 15 business days after receiving the audit report through the Sistema de Rendición de Cuentas e Informes (Sireci). The Canal del Dique spans 115 kilometers across the departments of Atlántico, Sucre, and Bolívar. It is part of a public-private partnership (APP) that has drawn significant attention from regional labor unions. The Cámara Colombiana de la Infraestructura (CCI), North Section, has repeatedly emphasized the need to ensure committed resources through future fiscal years and expedite the environmental licensing process to avoid further delays. The project includes the construction of locks and gates in areas such as Calamar and Puerto Badel, aiming to reduce flooding, manage sedimentation, and improve river connectivity between the Magdalena River and Cartagena Bay. For local communities, the project carries both environmental and social significance. It is intended to benefit populations historically affected by floods. El Tiempo obtained access to a document in which the Contraloría outlined its findings, including one with potential disciplinary implications. While the agency concluded that the financial statements of the Corporación Autónoma Regional del Canal del Dique (Cardique) presented a reasonable view of the entity’s financial situation and that budget execution was reasonable, it highlighted weaknesses in accounting, budgeting, and internal control processes. The main observations included errors in recognizing assets and liabilities related to the acquisition of goods and obligations, inconsistencies in resource classification, deficiencies in coordination among departments, and discrepancies in reported records. As a result of the audit, Cardique will have to prepare an improvement plan and submit it to the Contraloría via Sireci within 15 business days. One of the most notable findings relates to the purchase of three boats under contract LP-CARDIQUE-005-2025. According to the Contraloría, by the end of fiscal year 2025, the corporation had already received the vessels, valued at 706 million pesos, but these were not recorded as assets nor was the corresponding liability recognized in the accounts. This omission led to understated asset values and outstanding payment obligations in the financial statements. The report states this affects the reasonableness and reliability of the financial statements and their faithful representation. The Contraloría attributed this issue to weaknesses in the accounting closure process, coordination problems between responsible areas, and inadequate application of the accrual basis of accounting, which requires transactions to be recorded when they occur rather than when payments are made. Another finding stemmed from the same contract. The report notes that Cardique set aside a budget reserve of 706 million pesos despite having already received the boats to satisfaction before the year ended. The Contraloría found this scenario required the value to be reflected accordingly.