After a 22-month investigation, the Crime and Corruption Commission found the Fraud and Cyber Crime Group's sponsorship-funded Project Synergy was not transparent, had no fraud prevention plan and had internal records that were incomplete and inaccurate.

A since-discontinued primary school education program taking a "large proportion of Project Synergy profits" was singled out for particular attention.

The CCC found more than $47,000 was spent on merchandise for Fiscal the Fraud Fighting Ferret, "including some questionable items such as wine coolers for a children's program".

The CCC didn't uphold 16 of 17 allegations made against officers but recommended disciplinary action be considered over failure to comply with financial management practices and other policies. No officers would be prosecuted.

The finding came after the QPS Ethical Standards Command initially recommended no further action be taken.

Another 20 allegations identified during the investigation, stemming from a charity golf day and including misuse of a corporate credit card, excess spending and disclosure of police intellectual property, were sent to the QPS to investigate.

Project Synergy began in 2007, largely involving running training courses, educational programs and conferences, with profits from conferences expected to go toward training and future conferences.

It didn't have a budget, instead relying on external sponsorships and registration fees for symposiums and training.

The cost of the project's symposiums ballooned from $16,000 in 2007 to almost $260,000 in 2014.

QPS reported a profit of $116,140 but the CCC noted salary costs weren't included in the expenses, meaning this wasn't an accurate reflection of the event costs.

Almost $80,000 was spent on social and networking events, with more than $25,000 spent on food and beverages alone, including almost $7000 on alcohol alone.

There was no formal risk assessment of sponsors, sponsorship agreements didn't comply with department policy and no legal advice was sought

The program's Detective Superintendent and Detective Sergeant both told the CCC they weren't aware of the QPS sponsorship policy or guidelines.

"The Detective Superintendent said because they were pioneering the process there was no policy in place and they had to manipulate some processes and develop 'work-arounds' to make things happen," the report found.

"This is not an acceptable or transparent practice.

"By developing work-arounds in what they saw as a policy vacuum, Project Synergy officers

created a significant fraud risk to the QPS."

The CCC investigation identified a major concern with sponsors being asked to pay venues directly, meaning expenses and sponsorship funds weren't recorded in the QPS system.

The program had not been audited since its inception.

According to the report, all Project Synergy sponsorship would now be paid directly to the QPS, which had developed a new guideline for hosting events.

A three-stage approach would require in-principle support from State Crime Command, approval from the finance manager and a final outcomes report.

The CCC recommended a wider public sector audit to determine whether sponsorship policy and guidelines were being followed.

The QPS said it was considering the report and recommendations.