Internal control over financing reporting – Statement, assessment summary and action plan
1. Introduction
In support of an effective system of internal control, Library and Archives Canada (LAC) annually assesses the performance of its financial controls to ensure that:
- financial arrangements or 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 the conditions of contracts or other arrangements have been satisfied;
- payments have been 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 results of the assessment conducted during the 2019–2020 fiscal year is provided in section 2.
2. Assessment results for the 2019–2020 fiscal year
Following previous fiscal year evaluations, LAC updated the following internal control activities in 2019–2020:
- internal control risk analysis
- internal control assessment plan
- business process flow charts
- business process control matrices
LAC’s Internal Control Framework for Financial Reporting includes requirements regarding an annual testing and continuous monitoring. In 2019–2020, the Benefits business process surveillance testing was completed as planned, and no corrective measures were identified. The Capital acquisition and depreciation (excluding Work in progress) business process surveillance testing and Payroll design effectiveness testing are currently under way.
3. LAC’s assessment plan
LAC will continue to monitor the performance of its system of internal control. LAC will also consider the potential impact of COVID-19 on its different internal control processes.
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2019-2020 Financial Statements