2010-02-17 Audit of financial information and other related work -  Report of the Auditor General of
70 Pages
English
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2010-02-17 Audit of financial information and other related work - Report of the Auditor General of

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Learn all about the services we offer
70 Pages
English

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REPORT OF THE AUDITOR GENERAL OF QUÉBECTO THE NATIONAL ASSEMBLY FOR 2009-2010AUDIT OF FINANCIAL INFORMATIONAND OTHER RELATED WORKPRESENTATION TO PARLIAMENTARIANSFEBRUARY 2010Table of contentsof a new type of reportMessage from the Auditor GeneralChapter 1 Observations of the Auditor General,Mr. Renaud LachanceChapter 2 Work arising from financial informationaudit engagementsChapter 3 Portrait of Québec’s indebtednessChapter 4 Portrait of asset-backed commercial paper2Table of contents of the presentationSlides4 to 6Message from the Auditor General7 to 9Consolidated financial statements of the Government of Québec 2008-200910 to 19Balanced Budget ActFollow-up on our recommendations concerning the Retirement Plan20 to 26Sinking Fund and the Generations Fund27 to 36Transfer expenditures to entities excluded from the reporting entity37 to 45Growth of program expendituresFinancial statements of the institutions of the health and social services46 to 48and education networks49 to 50Revenu Québec – Direction principale des biens non réclamés51 to 53Working Group – Public Curator and Auditor General of Québec54 to 65Québec’s indebtedness66 to 70Asset-backed commercial paper3Message fromthe Auditor GeneralMessage from the Auditor General The Auditor General Act stipulates that the Auditor General shall prepare, for the attention of the National Assembly, an annual report. It stipulates that in this report the Auditor General may comment, ...

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REPORT OF THE AUDITOR GENERAL OF QUÉBEC
TO THE NATIONAL ASSEMBLY FOR 2009-2010
AUDIT OF FINANCIAL INFORMATION
AND OTHER RELATED WORK
PRESENTATION TO PARLIAMENTARIANS
FEBRUARY 2010Table of contents
of a new type of report
Message from the Auditor General
Chapter 1 Observations of the Auditor General,
Mr. Renaud Lachance
Chapter 2 Work arising from financial information
audit engagements
Chapter 3 Portrait of Québec’s indebtedness
Chapter 4 Portrait of asset-backed commercial paper
2Table of contents of the presentation
Slides
4 to 6Message from the Auditor General
7 to 9Consolidated financial statements of the Government of Québec 2008-2009
10 to 19Balanced Budget Act
Follow-up on our recommendations concerning the Retirement Plan
20 to 26Sinking Fund and the Generations Fund
27 to 36Transfer expenditures to entities excluded from the reporting entity
37 to 45Growth of program expenditures
Financial statements of the institutions of the health and social services
46 to 48and education networks
49 to 50Revenu Québec – Direction principale des biens non réclamés
51 to 53Working Group – Public Curator and Auditor General of Québec
54 to 65Québec’s indebtedness
66 to 70Asset-backed commercial paper
3Message from
the Auditor GeneralMessage from the Auditor General
 The Auditor General Act stipulates that the Auditor General
shall prepare, for the attention of the National Assembly, an
annual report.
 It stipulates that in this report the Auditor General may
comment, as he considers appropriate:
– on the financial statements of the government, public bodies,
enterprises and the entities of the networks as well as on the
accounting principles or policies according to which these
statements were prepared;
– on the form and content of the financial information documents,
such as the estimates and Public Accounts, as a basis for
supervision over the use of public funds and other public
property. 5Message from the Auditor General (cont.)
 Since taking office, I have noted a keen interest on the part of
parliamentarians in subjects of a financial nature, including:
– compliance with the Balanced Budget Act;
– the financial position of public sector entities
(e.g.: Caisse de dépôt et placement du Québec (CDPQ));
– asset-backed commercial paper (ABCP).
 My objective is to:
– turn our expertise in this field to good account for the
benefit of parliamentarians;
– produce a report on the subject each year.
6Consolidated financial statements
of the Government of Québec
2008-2009Opinion of the Auditor General
on the government’s financial statements
of 2008-2009
Main items of the financial statements covered by the Auditor
General’s opinion
In millions of dollars
2007-2008
2008-2009 Variation
(restated)
Net debt (124,681) (128,793) (4,112)
Accumulated deficit (94,824) (98,026) (3,202)
Annual surplus (deficit) 1,650 (1,258) (2,908)
8Opinion of the Auditor General
on the government’s financial statements
of 2008-2009 (cont.)
 An opinion without reservation or comment concerning the
compliance with:
− generally accepted accounting principles (GAAP)
− the government’s accounting policies
 I congratulate the government on having prepared, for a third year
in a row, financial statements in accordance with GAAP and the
government’s accounting policies.
Par. 2.2.1.2 9Balanced Budget Act