Summary
Established in 2008 under the Alberta Enterprise Corporation Act, the mandate of the Alberta Enterprise Corporation (AEC) is to promote the development of knowledge-based industries and a venture capital industry in Alberta and to make venture capital available to knowledge-based industries.
Objective and Scope
Our audit objective was to assess the effectiveness of AEC’s processes to define its desired results and to measure, monitor and report whether its venture capital investment activities generate value in accordance with its mandate under the Alberta Enterprise Corporation Act.
Conclusion
Based on our audit criteria, we conclude AEC did have processes to measure, monitor and report whether its investment activities generate value in accordance with the Alberta Enterprise Corporation Act, but not all of these processes were effective and improvements can be made.
We recommend that Alberta Enterprise Corporation improve its performance reporting processes to measure, monitor and report value generation by:
- setting targets for the measures identified in its business plan
- monitoring and analyzing results compared to targets, comparative results and cost
- reporting, internally and externally, their analysis of the value it generated cost effectively, including lessons learned