Financial management has improved across government

(Chapter 1—Financial Management and Control and Risk Management—2011 Status Report of the Auditor General)

Ottawa, 9 June 2011—The government has made satisfactory progress in improving its financial management, says the Interim Auditor General of Canada, John Wiersema, in a Status Report tabled today in the House of Commons.

“With annual spending of about 275 billion dollars, the government clearly needs good financial management,” said Mr. Wiersema.

The audit found that financial management capacity has increased across government. Departments have made efforts to recruit, train, and develop financial officers and managers with the required qualifications and experience. The proportion of chief financial officers with professional accounting designations has grown from 33% in 2002 to 82% in 2010.

The audit also found that selected departments have not completed their assessments of their financial reporting controls. It will be years before most departments complete this work.

“We are pleased that the government has enhanced its financial management capacity with a significant increase in people with financial expertise,” said Mr. Wiersema.

The Status Report follows up on the government’s progress in implementing commitments made in response to issues raised in previous audits. Progress is rated either satisfactory or unsatisfactory, taking into account the complexity or significance of the issues and the amount of time that has passed since the original audit.

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The chapter “Financial Management and Control and Risk Management” is available on the Office of the Auditor General of Canada Web site.

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