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Table 9: Internal Audits and Evaluations
Internal audits (2007–08)
Over the past year, the Department undertook significant efforts to strengthen and stabilize its internal audit capacity and delivery processes. An annual review of the three-year risk-based audit plan was approved in spring of 2008.
Other projects:
- Review of International Obligations and Subscription Payments (see Program Activity 10 under Section II: Analysis of Program Activities by Strategic Outcome)
- Review of Translation and Editing Services
- Selected testing of Accounts Payable
- Three-year risk-based audit plan
Evaluations (2007–08)
A one-year risk-based evaluation plan was approved in September 2007. The Department focussed much attention on strengthening evaluation capacity in anticipation of requirements under the proposed Treasury Board Evaluation Policy.
Other projects:
- A research report on the effect of corporate income tax rate reductions on business investment was published in the Tax Expenditures and Evaluations 2007 report available at www.fin.gc.ca/taxexp/2007/taxexp07_4e.html#part2. (See Program Activity 1 under Section II: Analysis of Program Activities by
Strategic Outcome.)
- An external evaluation of the treasury management risk framework was completed, taking into account the recommendations received from an external evaluation of cash management activities. The completed external evaluations are posted on the Treasury Evaluation Program section of the Department's website (http://www.fin.gc.ca/access/fininste.html#Treasury). (See Program Activity 3 under Section II: Analysis of Program Activities by Strategic Outcome.)
- In February 2008, the Financial Action Task Force on Money Laundering released its findings on its evaluation of Canada's Anti–Money Laundering and Anti–Terrorist Financing Regime (http://www.fatf-gafi.org/dataoecd/5/3/40323928.pdf). (See Program Activity 3 under Section II: Analysis of Program
Activities by Strategic Outcome.)
- An evaluation of the Fiscal Equalization and Territorial Formula Financing transfer payments culminated in the new formula announced in Budget 2007. The evaluation took into account the June 2006 report of the Expert Panel on Equalization and Territorial Formula Financing that studied the program, which is available on the panel's website at http://www.eqtff-pfft.ca/english/index.asp. (See Program Activity 5 under Section II: Analysis of Program Activities by Strategic Outcome.)