Loss means -
(a) loss of public money; or
(b) loss incurred through the loss or destruction of, or damage to, state assets or agency assets;
(Finance Management Act 2004 (s(3))
(Financial Instructions 2005 s(66-68))
Losses may occur as a result of a number of factors such as:
§ normal wear and tear of assets;
§ ineffective internal controls;
§ uncontrollable circumstances e.g. weather conditions;
§ wasteful and fraudulent activities.
The policies and procedures in this Part assign particular responsibilities to:
§
the Deputy CEO;
§
the Accounting Head;
§
the Office Manager;
§
the losses officer.