2022 to 2023 Annex to the Statement of Management Responsibility Including Internal Control over Financial Reporting
(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 2022-23 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 2022-23
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:
Delegation of spending and financial authorities
Remediation required:
No
Summary results and action planned: Internal controls are functioning as intended, no action plan required.
Key control area:
Receivable management
Remediation required:
No
Summary results and action planned:
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 | ||||
| Receivable management | X | ||||
| Transfer payments | N/A | ||||
| 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 |
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