Who is responsible for establishing and maintaining adequate internal control over financial reporting?
Financial StatementsResponsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31, 2011 and all information contained in these statements rests with departmental management. These financial statements have been prepared by management in accordance with Treasury Board accounting policies, which are based on Canadian generally accepted accounting principles for the public sector. Show
Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management’s best estimates and judgment and gives due consideration to materiality. To fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of the Department’s financial transactions. Financial information submitted in the preparation of the Public Accounts of Canada and included in the Department’s Departmental Performance Report is consistent with these financial statements. Management is also responsible for maintaining an effective system of internal control over financial reporting designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Financial Administration Act and other applicable legislation, regulations, authorities and policies. Management seeks to ensure the objectivity and integrity of data in its financial statements through careful selection, training, and development of qualified staff; through organizational arrangements that provide appropriate divisions of responsibility; through communication programs aimed at ensuring that regulations, policies, standards, and managerial authorities are understood throughout the Department; and through conducting an annual assessment of the effectiveness of the system of internal control over financial reporting. An assessment for the year ended March 31, 2011 was completed in accordance with the Policy on Internal Control and the results and action plans are summarized in the annex. The system of internal control over financial reporting is designed to mitigate risks to a reasonable level based on an on-going process to identify key risks, to assess effectiveness of associated key controls, and to make any necessary adjustments. The effectiveness and adequacy of the Department’s system of internal control is reviewed by the work of internal audit staff, who conduct periodic audits of different areas of the Department's operations, and by the Departmental Audit Committee, which oversees management's responsibilities for maintaining adequate control systems and the quality of financial reporting, and which recommends the financial statements to the Deputy Head of the Department. The financial statements of the Department have not been audited. Daniel Schnob Myles J. Kirvan Ottawa, Canada Statement of Financial Position (unaudited)
Liabilities and Equity of Canada
Contingent liabilities (Note 9) Daniel Schnob Myles J. Kirvan Ottawa, Canada For the year ended March 31 (in thousands of dollars)
The accompanying notes form an integral part of these financial statements. For the year ended March 31 (in thousands of dollars)
The accompanying notes form an integral part of these financial statements. For the year ended March 31 (in thousands of dollars)
The accompanying notes form an integral part of these financial statements. Who is responsible for the system of internal control over financial reporting?In Form 10-Q reports filed with the SEC, management has reporting requirements to disclose that it has responsibility for establishing and maintaining ICFR. It must include any changes to ICFR that have or are likely to affect its ICFR materially.
Who is responsible for establishing and maintaining the internal controls to achieve the objectives?Policy. Management is responsible for establishing and maintaining internal control to achieve the objectives of effective and efficient operations, reliable financial reporting, and compliance with applicable laws and regulations.
Who is responsible for internal controls organization?Staff Responsibility: Staff and operating personnel are responsible for carrying out the internal control activities set forth by management.
Who is responsible for establishing and maintaining internal controls over financial reporting quizlet?Management must produce an internal control report acknowledging responsibility for 1) establishing and maintaining an adequate internal control system and procedures for financial reporting and 2) assessing the effectiveness of these controls.
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