Annex to the Statement of Management Responsibility Including Internal Control Over Financial Reporting

1. Introduction

In support of an effective system of internal control, LAC conducted self-assessments of key control areas that were identified to be assessed in the 2023–2024 fiscal year. A summary of the assessment results and action plan is provided in subsection 2.

LAC is in the process of assessing all key control areas over a cycle of years as provided in the assessment plan in subsection 3 (fiscal years 2022–2023 to 2026–2027).

2. Assessment results for the 2023–2024 fiscal year

LAC completed the assessment of key control areas as indicated in the following table. A summary of the results, action plans and additional details are also provided.

The key findings are summarized below:

Contracting

For the most part, key controls related to contracting were functioning well and form an adequate basis for LAC’s system of internal control. Some issues related to the Procurement Management Framework were identified and corrective measures will be implemented.

Year-end payables

For the most part, key controls related to year-end payables were functioning well and form an adequate basis for LAC’s system of internal control. Some issues related to the timing of the certification authority were identified and addressed during the fiscal year.

Receivables

Key controls related to receivables were functioning well and form an adequate basis for LAC’s system of internal control.

3. LAC’s assessment plan

LAC will assess the performance of its system of internal control by focusing on key control areas over a cycle of years, as shown in the following table.