2023 to 2024 Annex to the Statement of Management Responsibility Including Internal Control over Financial ReportingÂ
(Unaudited)
1. Introduction
In support of an effective system of internal control, the Financial Consumer Agency of Canada (FCAC) conducted self-assessments of key control areas that were identified to be assessed in the 2023-24 fiscal year. A summary of the assessment results and action plan is provided in subsection 2.
FCAC will assess all key control areas over five years. The assessment plan is provided in subsection 3.
2. Assessment results during fiscal year 2023-24
FCAC completed the assessment of key control areas as indicated in the following table. A summary of the results, action plans, and additional details are also provided.
Key control area:
Receivable management
Remediation required:
No
Summary results and action plan:
Internal controls are functioning as intended, no action plan required.
Key control area:
Contracting
Remediation required:
Yes
Summary results and action plan:
Internal controls are functioning as intended. Remediation is focused on enhancements to proactive-disclosure reporting, procurement management framework and templates.
Key control area:
Year-end payable
Remediation required:
No
Summary results and action plan:
Internal controls are functioning as intended, no action plan required.
3. Assessment plan
FCAC will assess the performance of its system of internal control by focusing on key control areas over a cycle of years as shown in the following table.
| Key control areas | 2023-24 |
2024-25 |
2025-26 |
2026-27 |
|---|---|---|---|---|
| Receivable management | X | |||
| Contracting | X | |||
| Year-end payable | X | |||
| Pay Administration | X | |||
| Travel | X | |||
| Financial Management Governance | X | |||
| Hospitality | X | |||
| Fleet Management | N/A | |||
| Accountable advances | X | |||
| Acquisition cards | X | |||
| Leave | X | |||
| Special Financial Authorities | N/A |