PACP Committee News Release
If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.
|
Standing Committee on Public Accounts |
|
Comité permanent des comptes publics |
For immediate release
NEWS RELEASE
FINANCIAL PERFORMANCE BETTER THAN EXPECTED AND 16 STRAIGHT YEARS OF CLEAN AUDIT OPINIONS
Ottawa, December 1, 2014 -
The federal government’s financial performance in 2013-2014 was better than expected and the Auditor General of Canada gave a clean audit opinion on the government’s consolidated financial statements for the 16th consecutive year, according to the Standing Committee on Public Accounts’ report presented today in the House of Commons by Committee Chair David Christopherson.
The Public Accounts of Canada presents the federal government’s consolidated financial statements and other related financial information. It is an important accountability report that provides information about the government’s financial performance over the previous fiscal year – its revenues, expenses and budgetary balance. It also provides a snapshot of the government’s financial position at the end of the fiscal year – its liabilities, assets and net debt.
In its report, the Committee observes that the federal government’s financial performance during the fiscal year 2013–2014 was better than expected, with the actual budget deficit of $5.2 billion being $10.7 billion lower than forecast in the February 2014 budget and $13.2 billion lower than the deficit recorded in the previous fiscal year. The Committee notes that as risks within the global economic environment are tilted to the downside, future economic growth projections will need to be prudent.
In order to provide independent assurance to Parliament and Canadians on the reliability of the federal government’s consolidated financial statements, the Public Accounts of Canada also includes an audit opinion by the Auditor General of Canada on the financial statements.
For the 16th consecutive year, the Auditor General provided an unmodified, or “clean,” audit opinion on the consolidated financial statements, which the Committee notes is a significant achievement. However, the the Department of National Defence needs to continue its work on improvements to the recording and valuing of its inventory and asset-pooled items. The Committee trusts that the Department will resolve this issue soon.
- 30 -
|