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1997 Report of the Auditor General of Canada
Appendix E—The Costs of Crown Corporation Audits Conducted by the Office of the Auditor General of Canada
Section 147 of the Financial Administration Act requires that the Office disclose the costs of preparing audit reports on all Crown corporations other than those exempted under section 85 of the Act (see Exhibit 1). An audit report includes an opinion on a corporation's financial statements and on its compliance with specified authorities. It may also include reporting on any other matter deemed significant.The Office is also required by section 68 of the Broadcasting Act to report the cost of any audit report on the Canadian Broadcasting Corporation. For the fiscal year ended 31 March 1997, the full cost of the annual audit report was $439,982.
Section 138 of the Financial Administration Act requires that, at least once every five years, each parent Crown corporation named in Schedule III of the Act undergo a special examination. This is distinct from the requirement for the annual audit of financial statements.
The objective of a special examination is to determine whether a corporation's financial and management control and information systems and its management practices provide reasonable assurance that:
- assets have been safeguarded and controlled;
- financial, human and physical resources have been managed economically and efficiently; and
- operations have been carried out effectively.