In 2011, Michael Fergusons began his ten year, non-renewable term as the newly appointed Auditor General of Canada. As an Officer of Parliament, the work that Ferguson does is held accountable by Parliament.
Background Information
Before he was appointed as the Auditor General of Canada, Ferguson held many different jobs that related to accounting. From 2005 to 2010, Ferguson was the Auditor General of New Brunswick and was a past president of the New Brunswick Institute of Chartered Accountants, (Office of the Auditor General)
Mandate
“The Auditor General audits federal government departments and agencies, most Crown corporations, and many other federal organizations, and reports to Parliament. The Auditor General of Canada is also the
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Financial Audit In a financial audit, the Auditor General is looking directly at the transactions and financial statements of the entity in search that the financial statements have been presented fairly with full disclosure and that they have met legislative authorities. With more than ninety-five audits performed on different government departments, Crown corporations and governments of the Yukon, Nunavut and Northwest territories, these financial statements are a great source in deciding whether or not these entities have been spending public funds appropriately. The Auditor General will come to a decision about whether or not the transactions have followed laws and will bring to the attention of Parliament anything believed to be of importance.
Performance Audit
Special Examination
A special examination is derived from performance audits, but are only executed on Crown corporations. These special examinations, “consider whether a Crown corporation’s systems and practices provide reasonable assurance that its assets are safeguarded, its resources are managed economically and efficiently, and its operations are carried out effectively,” (Office of the Auditor General of Canada). Each Crown corporation must undergo a special examination a minimum of every ten years which is enforced by the Financial Administration Act. Per year, the Office of the
The Government of Canada has designed several laws, programs, and services to promote safety and prevent workplace accidents; they include the Occupational Health & Safety Act, The Labour Program, the Canada Labour Code, and the Centre for Occupational Health and Safety.
Campbell was in office as Prime Minister from June 25, 1993 – November 4, 1993. In February 1993, Prime Minister Brian Mulroney announced his retirement in politics, for June 25, 1995.(Collections Canada) Campbell entered the party to succeed for Mulroney. In February 1993, Campbell entered the party leadership race to succeed Mulroney. Campbell had served in four cabinet portfolios before running for the party leadership, including three years as Minister of Justice.(Wikipedia) In the election, Campbell defeated Jean Charest that June. Campbell was appointed Prime minister by Governor General Ray Hnatyshyn, on June 25. After the victory over Charest, Campbell appointed Charest to Deputy Prime Minister and Ministry of Industry, Science and Technology.(Collections Canada) Those positions are the largest and second largest cabinet portfolio position.(Collections Canada) After becoming the Prime Minister and party leader, Campbell set out to reorganize her cabinet. Instead of having commonly having 35 ministers, Campbell cut that number down to only 23 ministers in her cabinet.(Wikipedia) Campbell consolidated ministries by creating three new ministries: Health, Canadian Heritage and Public Security. In Campbell’s third month in office, an all around Canadian Poll was taken on how much was Prime Minister Campbell was approved/ appreciated/ liked by the people. The total count showed the Campbell had a 51 percent approval rating. That is a great number and the highest number out of any Prime Minister in the previous 30 years.(Collections Canada) By the end of the summer of 1993, Campbell had grown even more popular, passing Liberal leader Jean Chretien, by a mile. Chretien's party had only single digits in popularity ranking. Campbell was also the only Prime Minister to not have resident at 24 Sussex Drive. The home of where
A decision in life comes from within. People may put a lot of thought into their major or minor decisions in life, but that choice is a main aspect of one"s future in his or her life. Choices could be positive or pejorative, and it results in one"s life wheather wanted or unwanted is a catagorial truth. F.Scott Fitzgerald"s The Great Gatsby, Toronto"s former Mayor Rob Ford, and Canada"s future Priminster; Justin Trudeau are paradigms in choices that result in peoples lives.
In 2014 Pierre Elliot Trudeau, the 15th Prime Minister of Canada, was listed in CBC’s Top 10 list of Canadian Heroes; but was Trudeau really a hero? (http://www.cbc.ca/news/canada/top-10-canadian-heroes-list-includes-pierre-trudeau-jack-layton-1.2676398). Pierre Trudeau, born in Montreal in 1919, started out in politics as a layer in Quebec and as an activist in Quebec politics. In the 1960s Trudeau got involved in federal politics with the Liberal party. In 1968 he became the leader of the party and was elected as Prime Minister of Canada. Trudeau remained in office from 1968-1979 and again from 1980-1984 (http://www.thecanadianencyclopedia.ca/en/article/pierre-elliott-trudeau/). Trudeau was strong willed, charismatic and had a
For management, they need to make estimates and judgments to write financial statements, such as choosing among alternative accounting principles by considering the existing and potential clients base of the firm; Whilst, the auditors are responsible of examining statements made by management and to express opinion on them (The Institute of Chartered Accountants in Australia, 2008).
Stephen Harper was a former prime Minister of Canada. Stephen Joseph Harper (born April 30, 1959), he was a Canadian politician and member of Parliament who served as the 22nd prime minister of Canada . Stephen Harper was elected to become prime minister of Canada on February 6, 2006 to November 4, 2015. Stephen Harper is Canada's longest-serving Conservative prime minister since Sir John A. Macdonald. Harper became leader of the new Conservatives, which won 99 seats and reduced the Liberals to a minority government in the 2004 election. Once Stephen Harper was prime minister of Canada he accomplished. A strict follower of free enterprise private enterprise and a littler, decentralized government, Harper cut the Goods and Services Tax (GST)
As Senior Analyst with Process and Program Management (PPM-IMF), my primary duties involve coordination of any Government Accountability Office (GAO) or Treasury Inspector General for Tax Administration (TIGTA) audits of Accounts Management (AM). I serve as the liaison for any audits owned by AM, as well as other audits that require AM support. Through mid-year of 2016, AM has been heavily involved in audits related to the processing of correspondence and the yearly filing season audits for GAO and TIGTA, in addition to multiple audits related to identity theft.
He’s a lawyer in Macomb and is the poster child for right doings and being truly genuine. He always sees people's perspective from their point of view and does the “dirty work” of the
An external auditor performs an audit, done understanding with particular laws or rules, of the fiscal explanations of a company, administration entity, other legitimate entity, or organization, furthermore will be free of the substance constantly audited. Clients about these entities ' fiscal information, for example, such that investors, administration agencies, and the all public, depend on the outer evaluator on display an impartial What 's more autonomous review report card.
A review and an audit report are both a form of an attestation engagement. A Review, however, is less in scope so it provides a moderate level of assurance on the financial statements. It is considered a “sniff” of an audit, which comparatively provides reasonable assurance that no material misstatements occurred. Since a review deals with a limited scope, it does not provide the basis for expressing an opinion on the presentation of the
Though as previously explained, the governor general does legally hold this power, that does not mean it comes without limitations. The governor general must tread lightly when exercising their power. An abuse of the power not only creates uprise within Canadian society, but also causes tension between the British Crown and Canada. The latter could lead to a push for Canada to sever all ties with England and greatly change both nations. The governor general’s main role is to represent the Crown, in a pleasant and supervisory way. Many of the responsibilities bestowed upon the governor general reflect this, such as assenting to laws without real veto power and attending ceremonies and events on behalf of the Queen. After considering these conditions, it is clear the governor general must rarely exercise their power of choosing an alternate party. If one cannot freely use a power granted to them without fear of uproar or termination, do they truly have this power in the first place? It’s reasonable to argue that they in fact do not actually have the power others believe they do. This theory is backed by a lack of cases in which this power of choosing an alternate party was exercised, especially post-1926 and the King-Byng Affair. The governor general overstepped his power by disallowing a dissolution of government and instead choosing an alternate party to create a replacement government. This caused the famous King-Byng affair during which, King, the rejected Prime Minister, fought to be reelected and put limitations on the powers of any future governors general. The general theme of the limitations set by King were concerning the equality of the dominion and the Crown. Thereafter, governors general were meant to follow the advice of the Prime Minister. (Forsey,
The auditing firm has been in engagement with the company throughout the period when the fraud was being committed. One of the common and clear indicators of possible fraud was the company’s cash flow statement. The company experienced positive growth in its profits from the year 1996 through to the year 1998. However, a close analysis of the cash flow statement shows that the company had experienced negative figures of cash flow from both operating and investing activities and positive cash flow from financing activities which would not sufficiently offset the negative cash flows from operating and investing. It is therefore evident
The case study General Mills Inc. - Understanding Financial Statements focuses on the most basic idea of finance analysis. This case is a brief look into the language that is used in the finance world and a start to interaction with auditors. In this case, KPMG LLP, the public accounting firm that was auditing their statements, had sent two opinion letters. The first letter was ensuring that both parties were aware that General Mills had internal control over financial reporting. The second opinion letter stated that to auditor’s knowledge, General Mills had correctly reported its financial statements. The statements given in this case study are known as the four general financial statements. Displayed in the case are the
A review is like an audit yet is less in extension and just gives restricted affirmation with respect to the financial statements. This varies with an audit that gives sensible affirmation that no material mistakes or illicit acts are detected. The goal of an audit is to give a sensible freedom of expressed opinion the money related proclamations taken all in all.
The auditor’s responsibilities are to audit annual financial statements and internal controls over financial reporting, and reports from the 10-Q quarterly reports. The auditor must also advice on new accounting pronouncements, and consolidating financial statements. (Intel Proxy Statement 2011, 48)