Ottawa, November 7, 2025—Today, the Office of the Auditor General of Canada (OAG) released its Commentary on the 2024–2025 Financial Audits. This is not an audit report, but it highlights observations and themes from the OAG’s financial audits of federal organizations, including the government’s consolidated financial statements, which are included in the Public Accounts of Canada. This year marks the 10th edition of the commentary, which was created to help parliamentarians and the public better understand the government’s reporting on its spending and the financial audits of the OAG.
The Commentary on the 2024–2025 Financial Audits summarizes the results of the financial audits conducted by the OAG of the Government of Canada and 70 other federal organizations. The OAG provided the Government of Canada with a clean audit opinion on its 2024–25 consolidated financial statements. This means that parliamentarians and the public can rely on the information presented in the federal government’s financial statements.
The commentary includes the observations of the Auditor General on the Government of Canada’s consolidated financial statements. These are topics that are significant enough to be raised to parliamentarians and should be viewed as opportunities for the government to improve financial practices and controls. This year’s commentary includes continued observations on pay administration, National Defence inventory, and information technology general controls.
This year’s commentary also highlights key transactions, including the government providing additional funding for the Trans Mountain pipeline expansion project to repay external financing. The government also reduced the surplus in the Public Service Pension Fund to the maximum amount permitted under law, transferring the surplus to the Consolidated Revenue Fund while it considered the next steps. These steps had not been communicated at the time the commentary was published.
The commentary also provides information about COVID‑19 benefit programs, including the Canada Emergency Business Account loan program. It notes areas of concern, including the fact that most Crown corporations’ corporate plans were not approved on time.
The Commentary on the 2024–2025 Financial Audits is available on the Office of the Auditor General of Canada website.
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