Limitations on the scope of their research and the uncertainty generated by the data collected, refrained for the fourth time the AGN’s (for its acronym in Spanish) commenting on the financial statements of Aerolineas Argentinas. In this case, the inspection agency failed to take a position with respect to the numbers for the year 2010, like what happened on two occasions with the balance of 2008 and again in 2009.

The report by the agency for the balance of 2008 had been rectified by the now State’s company and yet, after a further review of the audit, the result repeated itself. "Because of the very significant effect representing the scope limitations (audit), and uncertainties, we are unable to deliver an opinion on the Financial Statements of Aerolineas Argentinas SA on December 31st 2010," states the notion released this year and which is numbered in resolution 160.

In the matter of the limitations on the scope of the investigation, the report argues that "in the 2010 administration the lack of sufficient controls to minimize the risks of administrative decentralization with which the Company operates was verified," referring to the group of companies that constitutes the Nation’s airline.

At the same time, and even though the technicians recognized that the Airline "had undertaken a review of transactions between related companies and surveys of liabilities and equity incidence that require audits of movement and balancing of the Group Air Comet, with Interinvest SA, including accounts like 'guarantee ', payables and reserves, inventories, pending bills, the Aerolíneas Plus program, etc.”, don’t determine that all of the errors, irregularities or omissions have been identified and corrected.”

If we take a closer look on the numbers of the company, the report notes that "the balancing of Spare Parts Inventory, for $281,294,689, is not backed up by a physical inventory with that value; therefore we cannot identify the assets that makeup the accounting figure".

Another important element is the opinion that auditors "have not had enough information (allowing) them to validate the amounts recorded in the provision for lawsuits, which amount to $260 million," and specifies that the data supplied to legal advisers "don’t have a chance of resolution, amount of demand, costs, or interests."

As for the "conditions of uncertainty" that led to the disclaimer of opinion by the AGN, the report noted that on December 31st, 2010 "the financial statements presented a cumulative loss of $7.540.187.855. In turn, the negative equity was of $2,064,644,713, and had a working capital deficit of $1,511,676,496."

Following the data that generated such uncertainty, and with respect to these figures, there is an element to consider: while the Audit analyzed the performance of the Airline fleet recorded in 2010, there were events subsequent to year-end that may have influenced the final opinion of the investigators.

And that has to do with the budget that is currently in effect. The AGN states: "The number 26784 General Budget Law of the Federal Government enacted on November 1st, 2012, for the 2013 administration, forgives the company’s debt whose tax application, collection, and enforcement are now under the aegis of AFIP (for its acronym in Spanish)" that make up the Airline Group, adding: "by the adoption of the Act, the company has benefited from the cancellation of the effect of these tax liabilities that were not exposed in the accounting statements: the added value on tax liability recorded an excess of $ 208 million and tax credits (active) of $76 million. Withholding income tax recorded as a liability in excess of $ 130 million; the tangible assets recorded an excess of $105 million and the amount of unpaid assessments of taxes and social security resources".

The agency finished their report with the current numbers. The Audit General’s Office revealed that "the cumulative assistance of the State, until June 30th, 2013 amounted to $15.454.612.274" and that "the tangible assets include an estimated $379 million for a claim made by the Collection Agency of Buenos Aires (ARBA) following claims made by the gross receipts tax on international transport of passengers, plus interest, which is found in various procedural stages".