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. A summary of the results of the assessment conducted during the 2021 22 fiscal year is provided in section 2.
2. Assessment results for the 2021 22 fiscal year
Following a review of its risks, LAC implemented its ongoing monitoring plan and assessed key internal controls for the following processes:
- 2020 21 financial statements production
- Value of the collection
No corrective measure is required following the ongoing monitoring testing of these two processes.
3. LAC’s 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.