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2004 March Report of the Auditor General of Canada Exhibit 6.1—Recent achievements in financial management and control
2004 March Report of the Auditor General of Canada
March 2004 Report—Chapter 6
Exhibit 6.1—Recent achievements in financial management and control
In our December 2002 Report, Chapter 5, Financial Management and Control in the Government of Canada, we recognized that the government had made progress in advancing financial management and control practices. Among the achievements noted were the following:
- The Treasury Board Secretariat developed a series of accrual accounting policies and departments implemented those policies.
- The Secretariat established a strategy for the next phase of the Comptrollership Modernization Initiative and issued guidance to departments and agencies on preparing implementation plans.
- Departments completed self-assessments on their capacity for modern comptrollership and prepared implementation plans in response to their findings.
- Departments and agencies successfully implemented one of the Secretariat's recommended information systems.
Since our December 2002 Report, the government has continued to make progress in guiding and advancing management control processes and practices. Among the more recent achievements are the following:
- The Treasury Board Secretariat developed its Management Accountability Framework to provide departments and agencies with guidance on implementing the principles of the government's overall management framework.
- The Clerk of the Privy Council Office's Deputy Minister performance agreements have continued to make modern comptrollership a priority.
- The Clerk and the Secretariat jointly developed and issued guidance to deputy heads that clarified their roles and responsibilities.
In the Observations of the Auditor General on the Financial Statements of the Government of Canada for the Year Ended 31 March 2003, improvements recognized included the following:
- implementation of accrual accounting for the 2002–03 Public Accounts of Canada, including the recognition of over $47 billion in tangible capital assets;
- early adoption of the new financial reporting model for senior governments recommended by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants;
- addition of budget information to the summary financial statements to enable the comparison of actual results with budgeted results; and
- inclusion of a section to the Public Accounts of Canada that provides an executive overview of the summary financial statements and the significant activities during the year that affected those statements.