The Royal Canadian Mint intends to file a claim under its all risks insurance policy to offset approximately Cdn$15.3 million worth of unreconciled gold.
The Mint commissioned Deloitte and Touche to conduct an audit to determine if the unreconciled difference in gold was the result of an accounting or transaction recording error.
The report concluded: “[T]he 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.”
The Mint has requested the assistance of the RCMP to investigate the matter.
Deloitte and Touche's report touches on three areas for the Mint to consider in connection with its risk management practices:
• a technical review of operations;
• an accounting review of prior periods; and
• security reviews.
“In response to the report’s recommendations, the Mint has engaged third parties to assist the Corporation in its review of specific aspects of its operations, including refinery processes and internal controls,” said Ian E. Bennett, president and CEO of the Royal Canadian Mint.