PACP Committee News Release
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Standing Committee on Public Accounts |  |
For immediate release
NEWS RELEASE
THE GOVERNMENT OF CANADA PROPERLY REPORTED ITS OVERALL FINANCIAL PERFORMANCE FOR THE 2014–2015 FISCAL YEAR
Ottawa, June 16, 2016 - The Government of Canada received its 17th consecutive unmodified audit opinion from the Auditor General of Canada, which attests that it properly reported its overall financial performance for the 2014–2015 fiscal year to Parliament and to Canadians, according to a report of the Standing Committee on Public Accounts tabled today in the House of Commons by the Hon. Kevin Sorenson, Chair of the Committee.
The Public Accounts of Canada 2015 were tabled in the House of Commons on 7 December 2015. They present the consolidated financial statements of the Government of Canada for the 2014–2015 fiscal year, and provide information about Government revenues, expenditures, budgetary balance, liabilities, assets and accumulated deficit.Michael Ferguson, Auditor General of Canada, expressed an unmodified audit opinion on the Public Accounts of Canada 2015. However, Mr. Ferguson noted that the Department of National Defence—which accounts for $6.3 billion of the Government’s total inventory of $7.2 billion—is still facing challenges in properly recording and valuing its inventory 12 years after the Government of Canada first provided a recorded inventory in its financial statements. Additionally, Mr. Ferguson noted that there are opportunities for federal entities involved in managing contaminated sites to improve documentation of key judgements and accounting decisions taken on those sites where contamination exceeds a standard but a liability has not been recorded.
In its report, the Committee recommended that the Department of National Defence provide it with a report outlining the concrete actions that the Department will take to properly record and value its inventory, and recommended that the Department of Public Services and Procurement Canada better align the numbering of sections in the English and French versions of Volume II of the Public Accounts of Canada.
“As Chair, I’m really proud of the effective and collaborative manner in which this Committee has been working since the beginning of the 42nd Parliament, and I think that this report exemplifies that,” said the Hon. Kevin Sorenson.
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