Government of the Northwest Territories

Manuel sur l’administration financière

215 - Loss of Assets

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Effective: April 1, 2016
Section: Risk Management
Administrator: Office of the Comptroller General
Applicability: GNWT Departments and Public Agencies 

POLICY          

All losses of public assets shall be promptly reported and loss mitigation action taken on a timely basis.

PURPOSE

To provide a reporting mechanism for losses of public assets that raises awareness of the frequency and extent of losses to reduce re-occurrences, to assess internal controls, and to reduce the net loss by investigation to identify the responsible party for subrogation purposes.

SCOPE

This policy applies to loss of public assets by a GNWT Departments or a Public Agency regardless of whether the asset is owned, leased or rented.

RESPONSIBILITIES

Deputy Head

Communicate all instances of suspected or detected offences involving the loss or destruction of public assets to the Comptroller General and to Risk Management and Insurance section, Department of Finance, as appropriate; assist with and provide any required information pertaining to an investigation related to the property loss.

Department of Finance or Public Agency

Act as necessary to inform the organization’s insurers of the loss and in accordance with the requirements of the Government Insurance Contract(s); inform the Comptroller General of the relevant rights and responsibilities of the parties to the insurance contract.

Internal Audit Bureau (GNWT)

Conduct an investigation at the request of the Comptroller General as to the nature and extent of the loss or offence.

Comptroller General

May approve Interpretation Bulletins associated with this policy; may consult with one or more of the following involving a loss or offense related to public property, including any means for restitution:

  • Justice
  • Human Resources
  • RCMP

Financial Management Board

May issue a directive respecting the financial management or financial administration of a Public Agency.

AUTHORITIES and REFERENCES

  • Financial Administration Act (FAA)
    • s. 10 – Board directives
    • s. 16 – Comptroller General
    • s. 60 – Write-off of Assets, Debts and Obligations
    • s. 66 – Records of Public Property
    • s. 67 – Disposal of Public Property
    • s. 80 – Statement of Comptroller General
    • s. 105 – Deletion from Inventory by Deputy Head (and by FMB)
  • Code of Conduct
  • CPA Canada Handbook – Accounting
  • CPA Canada Public Sector Accounting Handbook
  • Disposal of Public Property Regulations

INTERPRETATION BULLETINS