Assessing COVID Loan Portfolio Scheme Effectiveness

Vincents Audit & Assurance was engaged by a government agency to undertake a COVID loan portfolio scheme evaluation and evaluate its program and portfolio management in relation to the COVID Loan Portfolio Scheme.

Engagement Objective

To assess the program and portfolio management of the scheme.

Engagement Approach

We completed the following, among other procedures, to achieve the engagement objective:

• Assess whether the government agency manages credit and other risks effectively (including detecting and responding to events of default), in relation to the mandated purpose and program requirements for the scheme;
• Review of performance measures defined to assess the ongoing performance of the government agency’ delivery of the scheme and assess performance reports, or which it has set for delivery of the scheme;
• Assess policies and related enforcement processes in place for identification;
• Review of how loan and applicant data will be collected, reported and analysed (including use of data analytics) to track progress and report to the program/ owner and those charged with governance.

Engagement Results

The outcome of this evaluation provided the government agency an assessment of the schemes efficiency and effectiveness, decision making and program delivery to meet the governance arrangements and included a roadmap based on the findings identified to mitigate current risks and strengthen the control framework.

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