Review of Atlantic Innovation Fund Post Payment Audit

Review of the Atlantic Innovation Fund - Post Payment Audit - Period Ended March 31, 2004 Audit Directorate Final Report March 2006 TABLE OF CONTENTS POST PAYMENT AUDIT RESULTS .................................................................1 RESULTS - CONSULTING AND AUDIT CANADA...........................................3 Audit Directorate Review of the Atlantic Innovation Fund - Post Payment Audit - Period Ended March 31, 2004 Under the Atlantic Innovation Fund (AIF), ACOA disburses project funds on a timely basis following a pre-payment review of the claim. The payment process is designed to maximize client service while minimizing the risk that the Agency disburses funds inappropriately. The payment process relies upon the client’s signed attestation that the expenses claimed are authentic, eligible costs of a project and have already been incurred. ACOA’s Post Payment Audit (PPA) function plays an important role as a necessary check on the functioning of the payment process. The PPA provides an ability to assess the adequacy of control being provided by the claim review and payment process. The objective of the post payment audit process is to reach a conclusion about the appropriateness of the general population of payments made under the AIF Program during a fiscal year based upon examination of a statistically reliable ...