Western Economic Diversification Canada
www.wd-deo.gc.ca
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Conclusion
WD and the CFs have adequate management control frameworks and appropriate control measures in place to effectively administer the program as required by the program authorities, and to mitigate the key program risks. However, areas for improvement identified in this report and recommendations made will further enhance the management capacity in administering the Community Futures Program.
The audit examined several audit criteria used to assess the identified key risks, management control framework and practices. The following is the summary of results.
| Assessed Audit Criteria | Results |
|---|---|
| 1. Program Administration | |
| 1.1 WD's overall management of the CF Program is effectively administered according to the program authorities. | Criteria mostly met |
| 2. CF Program Financial Management | |
| 2.1 CF Funds (Operating and Investment) are accessible to all CFs and are being used as intended. | Criteria mostly met |
| 2.2 CFP advance and claim payments including any interests on advances are made according to the contribution agreement schedule. | Criteria met |
| 2.3 Proper information is gathered, reviewed and approved in support of the payments of advances and claimed costs. | Criteria met |
| 3. CF Program Investment Funds Management | |
| 3.1 CF investment funds are accessible to all CFs and repayments are made in accordance with the contribution agreement, CF policies and guidelines. | Criteria met |
| 3.2 CF Program investment funds are able to lever funds from other CFs, which hold excess investment funds. | Criteria mostly met |
| 4. Management Controls to Ensure Compliance | |
| 4.1 Controls and processes are in place to ensure that recipients are in compliance with the requirements of contribution agreements and program authorities. | Criteria mostly met |
| 4.2 Management practices are effective to monitor and review the program performance reporting and requirements. | Criteria partially met |
