Real gold gone from Mint, report finds

The findings of the long-awaited audit, released Monday, conclude that $15.3 million in missing gold is not the result of accounting or bookkeeping errors, raising the distinct possibility the gold may have been stolen.

“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,” the report by Deloitte and Touche.

The Deloitte and Touche report identified three other areas for consideration:

• A technical review of operations: “As the Mint applies scientific processes and formulae to various aspects of refining, such as process losses, the Mint may wish to review and update its benchmarks and/or third party studies regarding such technical processes and formulae."

• An accounting review of prior periods: “Precious metal reconciliations have been performed by the Mint twice annually in prior years. Although, in theory, revisiting prior period reconciliations could explain the difference, it would be difficult to complete such a review due to the passage of time, the availability of supporting documentation and the turnover of Mint staff.”

• Security reviews: “A more in-depth review of systems security and an assessment of potential inappropriate activity by both internal and/or external parties.”

In a prepared statement, mint chairman James B. Love said, "As a Crown Corporation, we understand that Canadians hold us to a high standard of accountability and the Mint's Board of Directors will continue to work closely with management in ensuring that this matter is pursued vigorously.”

Three weeks ago, the federal government ordered the mint to call for a criminal probe by the RCMP into the missing gold. The looming police investigation comes eight months after the Crown corporation first learned it had lost track of the riches last October. The Citizen revealed the mystery earlier this month.