The Director of Irish Aid Brendan Rogers has admitted that the organisation is not perfect after €4m worth of aid for Uganda went missing.
The director has described the misappropriation as an ''elaborate fraud''.
The money ended up in a bank account operated by officials from the office of the Ugandan prime minister.
Uganda has pledged to repay the money and any further Irish aid, around €16m, is on hold until that happens.
Speaking before the Oireachtas Foreign Affairs Committee, Mr Rogers said a report from officials in the Department of Foreign Affairs will be given to the Tánaiste Eamon Gilmore before the end of the week.
He said lessons will have to be learned.
Mr Rogers said: "I think we will have to look at our risk profiles because in the past we would have looked at the risk being down the line, the risk being in the districts.
"Procurement issues, capacity issues, does the money reach the ground that is where the risk would have been determined rather than at the top because many of the donors working together looked at these systems and said in general they are fit for purpose."