Auditor General of Canada's Reports
Farm Credit Canada's auditor is the Auditor General of Canada and the examiner for the Special Examination as stated in the Financial Administration Act, Part X, Section 138. The Financial Administration Act is the legislation that governs the management of Canada's Crown corporations, including FCC.
The Auditor General performs special examinations and annual financial audits of FCC. For more information on these audits, follow the links below:
Annual Financial Audits
The Auditor General conducts an annual audit of Farm Credit Canada's financial statements. Each year, the Auditor General's audit report is presented within our annual report at the introduction to the Financial Statements. The 2011-12 Annual Report is our most recent report.
A special examination is a performance audit of a Crown corporation conducted by the Auditor General of Canada at least once every ten years. The examination provides an independent opinion to the Board of Directors on whether the corporation's systems and practices provide reasonable assurance that the assets of the corporation are safeguarded and controlled, its resources are managed economically and efficiently, and its operations are carried out effectively.
Findings of the 2012 Special Examination
We are proud to announce that the 2012 Special Examination Report, prepared by the Office of the Auditor General “found no significant deficiencies in the Corporation’s systems and practices.”
The report notes good practices in a number of areas, and highlights a few areas where FCC would benefit from improving its practices. FCC agrees with these recommendations and has developed appropriate actions to address these areas.
The full report of the 2012 Special Examination of Farm Credit Canada is available here (PDF).
Summary of Management Responses (PDF) to address special exam recommendations.
Award for Excellence in Annual Reporting
Starting in 1994, the Auditor General of Canada has presented an annual Award for Excellence in Annual Reporting by Crown corporations to promote enhanced accountability through improved disclosure of information on corporate performance by recognizing federal Crown corporations that do this well.
Farm Credit Canada has won the award four times, most recently in 2001, and earned an award nominee seven times. In 2006, the Canadian Institute of Chartered Accountants announced that in 2007 its Corporate Reporting Awards for private sector enterprises was expanding to include federal Crown corporations.
More information on the Auditor General's award program is available here: Award for Excellence in Annual Reporting.
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