Original title
מניעת מעילות והונאות בתאגידים עירוניים
Language: Hebrew
Audit Description
The risk of embezzlement and fraud is an inherent risk in any organization that manages funds and assets, potentially resulting in substantial financial damage and harm to the organization's reputation. In recent decades, the principles aimed at strengthening corporate governance have evolved, alongside the development of professional knowledge pertaining to the prevention of embezzlement and fraud. Professional literature indicates that the implementation of organization-wide preventive measures facilitates a reduction in the time required to uncover embezzlement and fraud, and significantly mitigates the financial damages incurred. The audit revealed that while the activities of local authorities and government companies are governed by specific legal provisions and regulations promulgated thereunder, there exists no comprehensive legislation that regulates the activities of municipal companies. The absence of legislation addressing the arrangements pertinent to the operations of municipal companies in the public sphere may engender uncertainty and ambiguity regarding the obligations to which these companies must adhere across various domains, thereby complicating the assurance of their proper functioning as well as the oversight and control mechanisms in place. Furthermore, it was observed that the corporate governance arrangements within municipal companies are notably less rigorous than those governing government companies and the regulatory framework applicable to local authorities.
Documentation
Contact
https://www.mevaker.gov.il/en/Pages/default.aspx
State.comptroller@gmail.com
https://www.mevaker.gov.il/En/publication/Pages/LinkstoReports.aspx
METAINFO
Database
Audit
Audit ID
1754571187700
Author (country)
Israel
Type
Compliance/Legality
Type of performance
Performed by single SAI
Topic (subject)
Auditing and Financial Management
Municipalities
