Protection Example

Protection Example Protection – Coursework Example Protection Explain Why and How and Local Governments Should Install Procedures to Prevent Loss of Public Funds and local governments aresupposed to install procedures to prevent the loss of public funds. Loss procedures are important because they (a) minimize losses, (b) make sure that investigations are not interfered with, (c) make sure that reckless settlements are not made, (d) ensure that the bond claims are not risked, and (e) make sure that incorrect personnel actions are not allowed (Office of Financial Management, 2008). In Canada, there is a directive on losses of money or property. The objective of the directive is to make sure that public property or money losses are â€Å"prevented, detected and properly recorded, recovered and reported† (Treasury Board of Canada Secretariat, 2010).The directive requires that the chief financial officer establish a risk-based management practice and control to make sure that the losses of public property and money are reduced. The following are some of the practices and controls; (a) design, implement and maintain systems of internal control [such as account verification to stop public property and money loss or to identify any losses in a timely way], (b) preparation and processing of claims against those liable for the losses because of offences or negligence, (c) acting to recover some of the shortages or losses from the holder of an advance [this includes petty cash shortages], and (d) making sure that all the losses of public property or money are reported for addition in the Public Accounts of Canada (Treasury Board of Canada Secretariat, 2010). ReferencesOffice of Financial Management. (2010). Suspected losses of public funds or property. Washington, DC: U.S. Government Printing Office. Treasury Board of Canada Secretariat. (2010, Aug. 12). Directive on losses of money or property. Retrieved from tbs-sct.gc.ca/pol/doc-eng.aspx?id=15792§ion=text