Unaudited Financial Statements 2015-16
For the Year Ended March 31, 2016 Canadian Intergovernmental Conference Secretariat Statement of Management Responsibility Including Internal Control over Financial Reporting Responsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31, 2016, and all information contained in these statements rests with the management of the Canadian Intergovernmental conference Secretariat (CICS) These financial statements have been prepared by management using the Government’s accounting policies, which are based on Canadian public sector accounting standards. Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management’s best estimates and judgment, and gives due consideration to materiality. To fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of the CICS’s financial transactions. Financial information submitted in the preparation of the Public Accounts of Canada, and included in the CICS’s Departmental Performance Report, is consistent with these financial statements. Management is also responsible for maintaining an effective system of internal control over financial reporting (ICFR) designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Financial Administration Act and other applicable legislation, regulations, authorities and policies. Management seeks to ensure the objectivity and integrity of data in its financial statements through careful selection, training and development of qualified staff; through organizational arrangements that provide appropriate divisions of responsibility; through communication programs aimed at ensuring that regulations, policies, standards, and managerial authorities are understood throughout the CICS’s and through conducting an annual risk-based assessment of the effectiveness of the system of ICFR. The system of ICFR is designed to mitigate risks to a reasonable level based on an on-going process to identify key risks, to assess effectiveness of associated key controls, and to make any necessary adjustments. The CICSis subject to periodic Core Control Audits performed by the Office of the Comptroller General and uses the results of such audits to comply with the Treasury Board Policy on Internal Control. The financial statements of the CICS have not been audited. André M. McArdle, Secretary Ottawa, Canada September 23rd, 2016 Brian J. Berry FCPA, FCMA, Assistant Secretary and Chief Financial Officer Ottawa, Canada September 23rd, 2016 Canadian Intergovernmental Conference Secretariat Statement of Financial Position (Unaudited) As at March 31 (in dollars) 2016 2015 Liabilities Accounts payable and accrued liabilities (note 4) $ 658,405 $ 507,459 Vacation pay and compensatory leave 103,027 94,261 Employee future benefits (note 5) 141,604 139,127 Total liabilities 903,036 740,847 Financial assets Due from Consolidated Revenue Fund 517,753 392,307 Accounts receivable and advances (note 6) 383,654 178,224 Total gross financial assets 901,407 570,532 Financial assets held on behalf of Government Accounts receivable and advances (note 6) (242,500) (53,300) Total financial assets held on behalf of Government (242,500) (53,300) Total net financial assets 658,907 517,232 Departmental net debt 244,129 223,616 Non-financial assets Tangible capital assets (note 7) 116,723 […]
by Thomas Walsh
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