NEWS RELEASE · 25th August 2010
Office of the Auditor General
Auditor General John Doyle has released his latest report, Aspects of Financial Management, which contains the findings and recommendations from four different projects. Of these, three relate to the effective management of working capital, and the fourth examines the topic of fraud prevention.
"Given the magnitude of funds handled by government, I wanted to look at how it managed working capital in different areas," said Doyle. "The Province receives billions of dollars in revenue, and expends it on payments and grants. Ideally, money should not be dispersed until it is truly needed in order to minimize debt and cost to the taxpayer."
The first project looked at the management of working capital by colleges and school districts, and found that an excess of working capital has developed over time which needs to be addressed. The second project examined year-end expenditures to determine whether financial management practices and controls are being applied consistently year- round. The third project looked at the administration of infrastructure grants and whether the funds were being provided at the appropriate times.
The final project, on the management of fraud risks, puts forward broad fraud prevention guidelines that apply not only to central government but to all public sector organizations. Where applicable, the Auditor General has made recommendations for improvements, which have been accepted by the various government agencies involved in the separate projects.
"As always, my reports may look at a specific part of government, but the findings are relevant across the public sector and in other similar organizations," said Doyle. "I wish to thank the many public servants involved for their cooperation and assistance, and look forward to receiving updates on government's plans for implementing the report's recommendations."