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Unaudited Financial Statements for the period ending March 31, 2009
- 1. Statement of Management Responsibility
- 2. Statement of Operations (Unaudited)
- 3. Statement of Financial Position (Unaudited)
- 4. Statement of Equity of Canada (Unaudited)
- 5. Statement of Cash Flow (Unaudited)
- 6. Notes to the Financial Statement (Unaudited)
- 7. Notes to Reader
- 8. Annex to the Statement of Management Responsibility
Notes to Reader
With the Treasury Board Policy on Internal Control, effective April 1, 2009, departments are required to demonstrate the measures they are taking to maintain an effective system of internal control over financial reporting.
As part of this policy departments are expected to conduct annual assessments of their system of internal control over financial reporting, establish action plan(s) to address any necessary adjustments, and to attach to their Statement of Management Responsibility Including Internal Control over Financial Reporting a summary of their assessment results and action plan.
Effective systems of internal control over financial reporting aim to achieve reliable financial statements and to provide assurances that:
- transactions are appropriately authorized
- financial records are properly maintained
- assets are safeguarded from risks such as waste, abuse, loss, fraud and mismanagement
- applicable laws, regulations and policies are followed
It is important to note that the system of internal control over financial reporting is not designed to eliminate all risks, rather to mitigate risk to a reasonable level with controls that are balanced with and proportionate to the risks they aim to mitigate.
The system of internal control over financial reporting is designed to mitigate risks to an acceptable level based on an on-going process to identify key risks, to assess the effectiveness of associated key controls and adjust as required, as well as to monitor the system in support of continuous improvement. As a result, the scope, pace and status of departmental assessments of the effectiveness of the system of internal control over financial reporting will vary from one organization to another based on risks and taking into account their unique circumstances.
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