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Internal audit raps Bank of Canada for sloppy financial practices
OTTAWA (CP) – Internal auditors have slapped the wrists of the Bank of Canada for sloppy financial practices – the second time in the last two years the central bank has been cited for violating its own rules.Employees of the institution, which prides itself on stringent policies and procedures, paid invoices without authorization, did not evaluate whether they got good value from suppliers and violated a fail-safe system meant to guard against cheque fraud.
The findings appear in two newly released audits from 2004, both obtained under the Access to Information Act.
In an Oct. 15 report, auditors sampled 64 invoices that the central bank paid in 2003 to its suppliers, and found 10 that lacked proper approvals from bank staff.
Six of the invoices that were paid had no authorized signatures. And four others – each worth more than $50,000 – were approved by staff who lacked the authority to green-light such high-value contracts.
The bank also neglected to carry out post-contract evaluations in almost every case, the auditors found, despite written policies designed to ensure public money is well spent.
Staff had already been formally warned in 2002 that they were not conducting required evaluations, but the violations continued through 2003. […]
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