Listen Live
Listen Live
Listen Live

52% of BC’s public sector don’t have policies to support fraud risk management

The Office of the Auditor-General surveyed 140 BC public sector organizations on their fraud risk management practices and found them lacking.

BC’s Auditor General Michael Pickup said organizations could lose a lot of money if they didn’t put proper measures in place.

“The Association of Certified Fraud Examiners estimates that organizations could lose up to 5% of their revenue to fraud every year.”

Pickup’s report said of the 134 organizations that responded to the survey, 55% don’t conduct formal fraud risk management assessments.

“It’s important to do that, and I would add that it’s probably never been more important than now,” said Pickup.

That being said, 91% have internal controls to prevent fraud.

But 57% of public sector organizations don’t have policies and procedures in place when fraud occurs, and of the 43% that do have policies in place, 60% of them don’t have directions on when to contact the police.

The report gave recommendations for government entities and outlined key areas for improvement:

Something going on in the Cariboo you think people should know about?
Send us a news tip by emailing [email protected].

  • Designing and implementing a formal fraud risk management policy.
  • Conducting a regular fraud risk assessment process.
  • Assessing the need for a fraud hotline and for staff to take fraud training.
  • Evaluating the effectiveness of internal controls designed to mitigate assessed
    fraud risks.
  • Establishing a compliance monitoring and reporting function.
  • Preparing procedures for staff to follow when potential incidents of fraud are identified.
  • Strengthening board oversight of fraud risk management and reporting to the board.

Continue Reading

ckbx Now playing play

cffm Now playing play

ckcq Now playing play

- Advertisement -

Related Articles

- Advertisement -

Latest News

Gook Road to Quesnel Hydraulic Road Closed until September 26

Residents in South Quesnel are being advised that Gook Road near the Dragon Creek Dam will be closed for the next few days, while the dam is undergoing routine maintenance.

KIJHL Week 1: Cariboo teams fight to break even through opening weekend

The KIJHL season has started. At the end of the first weekend, all three Cariboo teams are sitting with one win and one loss each.

‘Roos game to still go on despite afternoon fire at West Fraser Centre

A fire in the West Fraser Centre on Saturday afternoon almost caused the Quesnel Kangaroos' season opener against the Williams Lake Stampeders to be canceled. Crews were able to get on site and begin clean up in time, assuring that the game will go on.

Active wildfires update for the Cariboo Fire Centre

As of yesterday (Friday) there are currently 22 active wildfires within the Cariboo Fire Centre.

Infrastructure, housing, UNDRIP will top agenda as local governments meet in Victoria next week

Members of local governments and First Nations are gathering in Victoria next week for the annual Union of B.C. Municipalities (UBCM) convention.
- Advertisement -