(Chapter 8-Special Examinations of Crown Corporations-An Overview)
Ottawa, 6 May 2008-Crown corporations have improved their key systems and practices since 2000, when her Office last reported on them, says Sheila Fraser, the Auditor General of Canada, in her Report tabled today in the House of Commons.
"We are pleased at the improved results we are seeing in Crown corporations," said Ms. Fraser. "It means that more corporations have in place the systems and practices they need to safeguard and control their assets and to manage economically, efficiently, and effectively."
Her Report notes that special examinations carried out by her Office since 2002 have found no significant deficiencies in more than 75 percent of the Crown corporations examined, compared with 52 percent in the earlier report. A significant deficiency is a major weakness in a key system or practice that could jeopardize the corporation's ability to function effectively.
A special examination is carried out in Crown corporations every five years and reported to the corporation's board of directors. It examines the systems and practices of a Crown corporation-such as financial management, strategic planning, human resources, and risk management-that are key to the organization's operations.
The Report provides an overview drawn from the results of 37 special examinations carried out by the Auditor General since December 2002. It also has summaries of the 11 special examination reports issued since January 2006. The Auditor General intends to provide similar summaries on an annual basis.
In its March 2004 Budget, the government announced its intention to require that Crown corporations post special examination reports by the Auditor General on their websites. All Crown corporations examined by the Auditor General since then have done so.
Crown corporations form a significant part of the federal public sector. They employ about 90,000 people, manage more than $185 billion in assets, and have long-term liabilities of about $145 billion.
"Crown corporations deliver important services to the public, and parliamentarians have expressed an interest in knowing more about their operations. We hope annual summaries of our key findings will be useful to members of Parliament," said Ms. Fraser.
- 30 -
The chapter "Special Examinations of Crown Corporations" is available on the Office of the Auditor General of Canada website.
For more information, please click here.
