Financial Statements For the year ended March 31, 2014
Annex to the Statement of Management Responsibility Including Internal Control Over Financial Reporting
4. The Agency's action plan
4.1 Progress during fiscal year 2013-2014
During 2013-14, the Agency substantially advanced a scoping analysis to identify the key control areas that are being assessed by Health Canada that the Agency can leverage, as part of the Shared Services Partnership described in Section 2.2 (Service arrangements relevant to financial statements). The objective is to ensure that the Agency is leveraging to the extent possible Health Canada's risk-based ongoing monitoring program and strategy for shared controls, and understands the linkage with the key control areas under its responsibility, prior to undertaking design and operating effectiveness testing.
4.2 Action plan for the next fiscal year and subsequent years
The Agency will continue to rely on the risk-based ongoing monitoring testing of key controls performed by Health Canada as part of the Shared Services Partnership for 2014-15 and subsequent years. The rotational ongoing monitoring plan over the next three years which impact the Agency's key control areas, based on an annual validation of the high-risk processes and controls and related adjustments to the ongoing monitoring plan as required, is shown in the following table:
Key Control Areas Footnote * | Fiscal year 2014-15 | Fiscal year 2015-16 | Fiscal year 2016-17 |
---|---|---|---|
|
|||
Financial Statements, Year End and Reporting | x | x | x |
Purchasing, Payables and Payments | x | ||
Grants and Contributions | x | x | x |
Payroll | x | ||
Capital Assets | x | x | |
Information Technology General Controls | x |
Building on progress to date with respect to key controls areas that are not part of the key controls assessed by Health Canada, the Agency plans to complete the full assessment of these key controls in 2016-2017. At that time, the Agency will be implementing its rotational ongoing monitoring plan to reassess control performance on a risk basis across all control areas.
Once the scoping analysis to identify Agency-specific and shared controls is completed in 2014-15, the Agency will prepare an action plan for 2014-15 and subsequent years for key control areas to be assessed by the Agency. The Agency also expects to initiate design effectiveness testing of several key control areas under its responsibility in 2014-15.
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