Governance & Accountability

The Audit of B.C.’s 2022/23 Summary Financial Statements: Areas of Interest

Cover of the report on The Audit of B.C.’s 2022/23 Summary Financial Statements: Areas of Interest
Date: 
March 2024

This report follows our audit of the $80 billion of financial activity reported by more than 150 government entities last fiscal year. 

The topics we’ve identified warrant attention because of their potential influence on the accuracy of government’s financial reporting. 

They relate to:

  • government’s method for estimating personal and corporate income tax revenues;
  • BC Hydro’s accounting and implications for its net earnings; and
  • implementation of new accounting standards across government.
report, financial, audit, summary financial statements, income tax, estimates, BC Hydro, accounting, standards

Summary Financial Statements Audit: Supporting the Role of MLAs

Report cover image showing a sign that says "Legislative Assembly of British Columbia" with the distinctive stone walls and copper roof of the legislative buildings in the background
Date: 
November 2023

The Province of B.C.’s Summary Financial Statements reported $80 billion of public sector financial activity last fiscal year. The financial statements are the main part of the Public Accounts, released in August. 

Our independent audit found three areas of concern, leading to a qualified audit report for the 16th consecutive year. 

Today’s report is to help MLAs as they consider the Summary Financial Statements and the implications of our audit.

ROFAW, audit, financial, public finance, summary financial statements, B.C., report

Fraud Risk and Financial Statements: B.C. Public Sector, Part 2

Report cover image showing a wooden door with the Ministry of Finance placard across it
Date: 
May 2023

Public sector organizations need a strong fraud risk management framework to safeguard public dollars against potential losses due to fraud. In B.C., government ministries are expected to follow a common approach to fraud detection, prevention and response, with oversight by the Office of the Comptroller General.

We sent a questionnaire to 22 ministries to understand how they perceive and manage the risk of fraud.

fraud, risk, management, B.C., ministry, ministries, finance, loss, government, British Columbia, Auditor General, report

Governance of the Diversity and Inclusion Strategy for the Public Service

Report cover image showing a woman who is blind speaking with a sighted woman
Date: 
March 2023

The Public Service Agency (PSA) supports human resources for 35,000 provincial government workers and is currently leading a strategy to ensure the public service is inclusive and diverse. We looked at whether the PSA had established strong governance to ensure that the strategy can achieve its goals.

diversity, inclusion, governance, strategy, PSA, public service, B.C., audit

Fraud Risk and Financial Statements: B.C. Public Sector, Part 1

Report cover image showing people sitting around a large table and talking
Date: 
March 2023

We sent a questionnaire to 23 Crown organizations, post-secondary institutions, school districts, health authorities and associations, to understand how they perceive and manage the risk of fraud. This information will help our auditors plan our annual audit of the Province’s summary financial statements — the largest financial statement audit in B.C.  

information, report, finance, financial statements, fraud, risk, management, B.C.

Report on the Financial Audit Work: Fiscal Year 2021/22

Report cover image showing woman working on a calculator and laptop
Date: 
November 2022

This report shares a behind-the-scenes look at this year's audit of the government's summary financial statements. In it, you'll find out more about the significant errors or omissions that led to a qualified independent auditor’s report, and learn more about key issues like COVID-19 benefit programs and rising disaster-related costs.

government, finance, financial, statements, qualified, B.C., auditor, report, independent, COVID, disaster

Fraud Risk Management: Office of the Comptroller General

Report cover image showing the B.C. government logo on an outdoor sign
Date: 
March 2022

The Office of the Comptroller General (OCG) provides oversight and support, while ministries have their own processes and controls to manage fraud risk. Our audit looked to see if the OCG had established an effective framework to manage the risk of fraud.

fraud risk management OCG comptroller finance government B.C.

Fraud Risk Management Survey Report

Report cover image showing several people around a table in discussion
Date: 
November 2021

We surveyed 140 organizations - including ministries, Crown corporations, post-secondary institutions, school districts, and health authorities - to learn more about their fraud risk management practices. This is the most extensive fraud risk management survey ever done on the B.C. public sector.

See our Fraud Risk Management Survey Report for key findings and our recommendations.

survey, fraud, risk, management, controls, finance, British Columbia

Auditor General’s Report on the Audit of the Public Accounts – Fiscal 2020/21

Report cover images showing a close up of hands and a calculator
Date: 
October 2021

At the end of every fiscal year, the B.C. government combines the financial information from over 160 entities within its control and produces a consolidated set of summary financial statements. The information in these statements is important because it indicates the financial well-being of the province. 

Our office audits these statements and provides our audit opinion.

In this report we take you behind the scenes of the audit to share some interesting matters we worked on.

Financial audit auditor general mandate report Legislative Assembly summary statement British Columbia government operations Canadian public; sector accounting standards finance

Pages

Subscribe to RSS - Governance & Accountability