Annex to the Statement of Management Responsibility Including Internal Control Over Financial Reporting – Fiscal Year 2016–2017 (Unaudited)

Introduction

To support an effective system of internal control, Library and Archives Canada (LAC) assesses the performance of its financial controls every year to ensure that:

  • financial transactions are carried out and contracts are entered into only when sufficient funding is available;
  • payments for goods and services are made only when the goods and services are received or when the terms of the contract or other agreement have been met;
  • payments are properly authorized.

LAC will leverage the results of the periodic Core Control Audits performed by the Office of the Comptroller General. The date of the first LAC audit related to internal controls has yet to be determined. A summary of the work carried out by LAC during the 2016–2017 fiscal year appears below.

Work carried out during the 2016–2017 fiscal year

In 2016–2017, the work focused on Information Technology General Controls (ITCG). LAC prepared a description of financial systems and their key controls, as well as draft recommendations for the financial systems team, for future ongoing monitoring tests. In addition, LAC has formalized its ongoing cyclical monitoring plan and obtained approval for it.

Assessment plan

LAC will continue to monitor the performance of its system of internal control, with a focus on the core controls related to financial transactions. LAC will also continue to apply a risk-based, cyclical ongoing monitoring plan to reassess the performance of controls.

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