2024 to 2025 Annex to the Statement of Management Responsibility Including Internal Control over Financial Reporting (Unaudited)
Fiscal Year 2024-25
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 2024-25 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 2024-25
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 areas
Pay administration
Remediation required
Yes
Summary results and action plan
Remediation is focused on enhancing the processing of section 32 and section 34 of the Financial Administration Act, as well as the employee departure process.
Key control areas
Financial Management Governance
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 |
2022-23
|
2023-24
|
2024-25
|
2025-26
|
2026-27
|
|---|---|---|---|---|---|
| Delegation of spending and financial authorities | X | ||||
| Transfer payments | N/A | ||||
| Receivables management | X | ||||
| Contracting | X | ||||
| Year-end payable | X | ||||
| Pay administration | X | ||||
| Financial management governance | X | ||||
| Acquisition cards | X | ||||
| Leave | X | ||||
| Special financial authorities | N/A | ||||
| Travel | X | ||||
| Hospitality | X | ||||
| Accountable advances | X |