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Audit Audit of the Massachusetts Growth Capital Corporation

Audit revealed MGCC, a quasi-public agency that works to foster economic growth in economically distressed communities, inaccurately reported on its website and brochures the impact it has had on job creation and small business development across the Commonwealth. The audit examined the period of July 1, 2016 through June 30, 2018.

Organization: Office of the State Auditor
Date published: June 26, 2019

Executive Summary

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of Massachusetts Growth Capital Corporation (MGCC) for the period July 1, 2016 through June 30, 2018. In this performance audit, we examined MGCC’s administration of its small business financing and diversity program.

Below is a summary of our findings and recommendations, with links to each page listed.

Finding 1
 

Some of the performance and outcome information that MGCC reported was inaccurate.

Recommendation
 

MGCC should develop written policies and procedures as well as monitoring controls to ensure that its performance and outcome data are accurate.

Finding 2
 

MGCC’s system of internal controls needs improvement.

Recommendations
 

  1. MGCC should perform an annual entity-wide risk assessment and then develop and document controls (i.e., policies and procedures) to mitigate identified risks.
  2. MGCC should develop a business continuity plan and annually test its disaster recovery plan.

 

A PDF copy of the audit of the Massachusetts Growth Capital Corporation is available here.

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