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B.C. Auditor general finds fraud risk in public sector organizations

An audit to assess the risk of fraud in B.C. public sector organizations found 35 per cent didn’t have a policy specifically devoted to fraud risk management.

The audit looked at crown corporations, post-secondary institutions, school districts and health authorities.

Auditor General Michael Pickup said 61 per cent of organizations were affected by at least one type of fraud in the past year, but only 18 per cent reported being highly vulnerable to fraud.

The most common types of fraud were theft of physical assets, misappropriation of company funds and information theft.

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According to the report, 39 per cent of organizations said they don’t have processes to identify and document ongoing fraud risks.

Twenty-two per cent of organizations have not assessed the need for fraud risk management training for staff, while one organization didn’t have any fraud risk management policies.

The specific organizations were not named in the audit.

The audit was completed to give MLAs insight into the current state of fraud risk management in the public sector.

A separate audit focusing on fraud risk in government ministries is expected in the coming weeks.

Below is a link to the complete audit.

MORE: Fraud Risk and Financial Statements: B.C. Public Sector, Part 1 (Office of the Auditor General)

Files by Josiah Spyker, My East Kootenay Now

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