Missing Gold Not Accounting Error: Audit

Source:

". . .the review, released this morning, only fuels further questions about where the "missing" stock of gold has gone. . ."

The Royal Canadian Mint is being urged to examine its security procedures after a third-party review concluded that the disappearance of more than $15 million worth of gold from the Royal Canadian Mint does not appear to be the result of an accounting error.

The review is urging an "in-depth review of systems security and an assessment of potential inappropriate activity by both internal and/or external parties."

Mint officials have already called in the Royal Canadian Mounted Police to assist in the investigation and today said they were cooperating "fully" with the police probe.

For months, officials at the Mint have been searching for answers to reconcile their records with the actual physical stock of gold.

But the review, released this morning, only fuels further questions about where the "missing" stock of gold has gone, though the Mint says it's still not clear whether any gold is actually missing from the property or whether it's just a paper mix-up.

That review, done by Deloitte and Touche, was to determine if the difference in gold was the result of an accounting or transaction recording error.

But in a statement today, the report concluded that "the unaccounted for difference in gold does not appear to relate to an accounting error in the reconciliation process, an accounting error in the physical stock count schedules, or an accounting error in the recordkeeping of transactions during the year."

For the first time, the mint has publicly stated the value of the missing precious metal—$15.3 million—and said today that it intends to file a claim under its insurance policy to recoup the value.

"The Mint will aggressively continue its efforts both internally and with outside experts to determine the sources of the unreconciled difference," a recent statement said.

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