Auditor General, Denise Hanrahan, delivered an audit in the House of Assembly this morning. It covers a period from June 1, 2018 to December 31, 2021.
A black eye for the Innovation and Business Investment Corporation today. Auditor General, Denise Hanrahan, delivered an audit in the House of Assembly this morning. It covers a period from June 1, 2018 to December 31, 2021. The audit said the Corporation did not effectively manage all aspects of its grant, loans, and investment programs, which increased the risk that ineligible businesses were supported or that funds were used for incorrect purposes. It found applicants’ eligibility was not always confirmed, clearance checks not always completed, and cross-departmental coordination lacking. The Corporation did manage its loan and investment assessment processes well. However, it did not manage executing and issuing loans and investments effectively. COVID-19 programs did not receive effective oversight, and as a result, some businesses received more funding then they should have, and some shouldn’t have received any.
The audit full report, as well as an audit overview, can be found by visiting: www.ag.gov.nl.ca.
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