EDMONTON -- A long-awaited audit of the Edmonton Economic Development Corporation has found the taxpayer-funded body needs to do a better job of explaining to Edmontonians exactly what it does. 

That's one of seven recommendations for the EEDC contained in the audit that was prompted by a phishing scam in January that saw the institution lose $375,000.

"The majority, up to 90 per cent of the 300 plus thousand dollars that they were defrauded out of should be recoverable," said Edmonton Mayor Don Iveson. 

Despite the possible return of much of that money, councillors say the organization needs to do a better job of explaining what it is and what it does give it gets $20 million in taxpayer dollars each year. 

"What are you doing? Why are you doing it? Should you be doing it at all?" asked Coun. Mike Nickel. 

CEO Derek Hudson accepts the suggestions, but says his organization already has a clear mandate. 

"Attracting tourists to Edmonton, putting on amazing conventions and events at our venues, and helping businesses grow and prosper," said Hudson. 

Accounting firm Ernst and Young is scheduled to present further recommendations to council next month.