(OTTAWA) – October 20, 2008 – Export Development Canada (EDC) today announced that it has begun proactively disclosing internal audit reports through its public website. EDC is the first federal parent Crown Corporation* to voluntarily publicize its own internal audit reports.
EDC continues to take measures to demonstrate its commitment to transparency in the relationships that it has with its shareholder, stakeholders, customers and Canadians. By disclosing internal audit reports, EDC will provide information on how it continuously improves its business processes and controls.
All internal audit reports, beginning with those concluded in the third quarter of 2008, will now be posted on EDC's external website. Audit reports will be posted in the quarter following their internal issuance. By proactively disclosing audit reports, EDC will follow the best practice examples set by the Office of the Auditor General and requirements relating to all Departments and Agencies of the Federal Government. EDC's internal audit practices conform to International Standards for the Professional Practice of Internal Auditing.
Today's announcement complements EDC's existing disclosure practices. EDC introduced its first formal Disclosure Policy in 2001, under which information has been publicly available on transactions at both the aggregate and individual transaction levels. This includes environmental and Corporate Social Responsibility reporting. EDC has been reporting on aggregate corporate expenses related to travel and business development activities since 2004, and began disclosing these expenses for its C.E.O. and senior executives in 2007.
To access EDC's internal audit reports, click here: http://www.EDC.ca/english/disclosure_internal_audit.htm.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by nearly 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for eight consecutive years.
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* The Financial Administration Act defines a parent Crown Corporation as a corporation that is wholly owned directly by the Crown, but does not include a departmental corporation. There are currently 43 parent Crown corporations.
Media contacts:
Phil Taylor
Export Development Canada
Tel: (613) 598 2904
BlackBerry: ptaylor@edc.ca
