The loss of millions of pounds of taxpayers' money in a major infrastructure project revealed serious flaws in the Treasury Department, according to Tynwald's Public Accounts Committee.
The loss was incurred when Euros needed to pay for part of the runway extension at Ronaldsway were not purchased immediately after the move was approved by the court.
The oversight led to an additional cost to government of over £2 million, as foreign exchange rates shifted.
A report into the matter will be debated in Tynwald later this month.
Some of the recommendations it contains have been made public ahead of the sitting and they will make interesting reading for the new Treasury Minister Anne Craine.
The committee, Tynwald's watchdog on public spending, highlights the breakdown in communications between Treasury officers as the main cause of the loss.
It suggests a review of how decisions are taken and implemented in the department and an examination of the line management structure.
The report also strongly criticises the failure of officers to inform the treasury minister of the loss in a timely manner.