Audit fails to rule out gold heist at Royal Canadian Mint

OTTAWA – The federal government has ordered an immediate review of security at the Royal Canadian Mint after an external audit suggested criminal activity could be behind the disappearance of $15.3 million worth of gold and other precious metals.

The months-long external review ruled out sloppy bookkeeping or accounting errors for the fact that 17,500 troy ounces of gold (about 544 kilograms) has gone missing, raising the possibility that thieves took it.

"A higher amount of gold should be on hand than the physical amount of gold counted," concludes the report, prepared by Deloitte and Touche.

And the review reveals that some silver, platinum and palladium is also missing, although Mint officials could not say how much.

The review, released yesterday, urges the Mint to examine security to "identify theft opportunities," although officials boast their facility is already among the most secure in North America.

"We suggest a more in-depth review be undertaken to assess potential inappropriate activity," the review says.

Three weeks ago, a federal cabinet minister ordered the Mint to call in the RCMP, suggesting that the audit results were already known in government circles.

SOURCE: [link to www.thestar.com]