The Olympics

The Olympics


News, information and stories about the Olympic Games.

Friday, 6 October 2006

Auditors To Check The Books

The Department of Canadian Heritage is hiring an auditor to check the 2010 Winter Olympics organising committee's (VANOC) books.

The audit is aimed at providing the department's Olympic secretariat with the assurance that VANOC, has adequate and effective management controls, risk-management frameworks and overall governance structures.

It also wants to ensure that money provided was used for the intended purpose, and recommend improvements in the way the committee and the department manage the venture.

In August, Partnerships B.C., part of the Ministry of Economic Development that oversees the Olympics, released a due diligence report that queried VANOC's approach to budgeting and recommended changes.

However, the head of the Vancouver Olympic Organising Committee says there's nothing unusual in Ottawa's plan to look at spending for 2010 Olympic preparations.

John Furlong, the committee's CEO, said such reviews are expected and done regularly by Ottawa and the B.C. government.

He says the audit will only look at how the federal government's part of the Olympic construction budget is being spent.

Nonetheless the federal government recently added another $55M towards Games venue construction, with a warning that it would be the last contribution.

Maybe they are worried about how the money is being spent?

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