Standing Committee on Public Accounts

Comité permanent des comptes publics

For immediate release

Ottawa, April 2, 2014 -

OTTAWA – The Auditor General of Canada gave an unmodified, or “clean,” audit opinion on the federal government’s consolidated financial statements for the fifteenth consecutive year, according to the Standing Committee on Public Accounts’ report presented today in the House of Commons by Committee Chair David Christopherson.

Each year, the Auditor General of Canada provides an opinion and observations on the federal government’s consolidated financial statements, which form a part of the Public Accounts of Canada. For the 2012-2013 fiscal year, the Auditor General of Canada, Michael Ferguson, concluded that the statements present fairly, in all material respects, the financial position of the Government of Canada as at 31 March 2013, and they are prepared in accordance with the government’s accounting policies.

In its report, the Committee commends the government for continuing to maintain rigorous financial systems, processes and practices. The dedicated, hard work of public servants means that Canadians and parliamentarians can have confidence that the government’s consolidated financial statements are reliable.

The Committee notes that the Department of National Defence continues to experience difficulties in the recording and valuation of its inventory and asset-pooled items, which has led to significant restatements during the preparation of the financial statements. The Committee will return to this issue next year to ensure that the department is making adequate progress.

The Committee also observes that Canada’s economic performance has been resilient, and the government will need to take into account continued downside risks to the Canadian economy.