Audit of Financiancial Management Controls

Audit of Financial Management Controls Western Economic Diversification Canada Audit, Evaluation & Disclosure Branch September 2008 Western Economic Diversification Canada Table of Contents 1.0 EXECUTIVE SUMMARY 1 2.0 INTRODUCTION 4 Background 4 Audit Objectives 4 Key Risks 5 Audit Scope 5 3.0 FINDINGS, CONCLUSIONS AND RECOMMENDATIONS 6 Management Control Framework 6 Delegation of Authority Instruments 7 Compliance to sections 32, 33, and 34 of FAA 8 Segregation of Duties 10 Access Controls and Security 11 Risk Management 12 4.0 AUDIT STRATEGY AND APPROACH 13 Planning 13 Standards and Methodology 14 Audit team 15 Audit of Financial Management Controls Western Economic Diversification Canada 1.0 Executive Summary 1.1 The audit of Financial Management Controls was carried over from the 2007-08 Risk Based Audit Plan and conducted during 2008-09. The audit was department wide in scope and covered the period of January 1, 2007 to June 30, 2008. The audit considered previous audit results along with a sample review from grants and contributions and operating expenditure transactions. The field work was done in July 2008 incorporating regional site visits, staff interviews, document review and transactional testing. 1.2 The audit objectives were to provide independent and objective assurance on: • the adequacy of the finacial management control framework to ...