Auditor General of Canada's Reports
Farm Credit Canada's auditor is the Auditor General of Canada and the examiner for the Special Examination as stated in the Financial Administration Act, Part X, Section 138. The Financial Administration Act is the legislation that governs the management of Canada's Crown corporations, including FCC.
The Auditor General performs special examinations and annual financial audits of FCC. For more information on these audits, follow the links below:
Annual Financial Audits
Special Examinations
Award for Excellence in Financial Reporting
Annual Financial Audits
The Auditor General conducts an annual audit of Farm Credit Canada's financial statements. Each year, the Auditor General's audit report is presented within our annual report at the introduction to the Financial Statements. The 2006-07 Annual Report is our most recent report.
Special Examinations
A special examination is a performance audit of a Crown corporation conducted by the Auditor General of Canada at least once every five years. The examinations provide an independent audit opinion to the Board of Directors, and, as appropriate, to the Minister and Parliament on whether the corporation's financial and management control, information systems and management practices provide reasonable assurance that the assets of the corporation are safeguarded and controlled and the financial, human and physical resources of the corporation are managed economically and efficiently and the operations of the corporation are carried out effectively.
Findings of the 2007 Special Examination
The Auditor General's report concludes that "there is reasonable assurance that there were no significant deficiencies in the systems and practices we examined."
The report notes "a limited number of management recommendations and decisions that were not supported by complete and adequately documented business cases and/or did not respect contracting policies or procedures generally followed in the public sector." FCC will be following up on these recommendations.
The full report of the 2007 Special Examination of Farm Credit Canada is available here (PDF).
Summary of management action plans (PDF) to address special exam recommendations.
Award for Excellence in Annual Reporting
Starting in 1994, the Auditor General of Canada has presented an annual Award for Excellence in Annual Reporting by Crown corporations to promote enhanced accountability through improved disclosure of information on corporate performance by recognizing federal Crown corporations that do this well.
Farm Credit Canada has won the award four times, most recently in 2001, and earned an award nominee seven times. In 2006, the Canadian Institute of Chartered Accountants announced that in 2007 its Corporate Reporting Awards for private sector enterprises was expanding to include federal Crown corporations.
More information on the Auditor General's award program is available here: Award for Excellence in Annual Reporting.
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