Management Response and Action Plan - Audit of Key Financial Controls
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Recommendations | Management Response and Planned Management Action |
Deliverables | Expected Completion Date | Responsibility |
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Recommendation 1 It is recommended that the Chief Financial Officer ensure that specimen signature cards are terminated throuh the year on a timely basis. |
Management agrees with this recommendation. An initiative is currently being led under the shared services partnership to enhance the existing process and controls on the various actions required when an employee is leaving the Department and the Agency. This initiative will result in the development and implementation of a mandatory departure form. This form will include the requirement for the cancellation of the financial specimen signature cards. The Financial Operations Directorate will implement a periodic monitoring tool which also monitors the specimen signature cards. |
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April, 2014 |
Director General, Financial Operations Directorate (Portfolio shared services partnership) |
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April, 2014 |
Director, Public Accounts and Policy (Portfolio shared services partnership) |
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Recommendation 2 It is recommended that the Chief Financial Officer monitors the quality assurance over Financial Administration Act Section 34 certification to ensure that appropriate action is taking place when the quality assurance tolerable error rate has been exceeded. |
Management agrees with this recommendation. The Chief Financial Officer will request the error reports from the Financial Operations Directorate on a quarterly basis to perform a review and verify that appropriate action is taking place when the tolerable error rate has been exceeded. The Statistical Sampling Framework used allows for additional samples to be examined when warranted. |
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April 2014 |
Chief Financial Officer and Director, Accounting Operations and Systems (Portfolio shared services partnership) |
Recommendation 3 It is recommended that the Chief Financial Officer ensure that reconciliations between the Lotus Notes Grant and Contribution Database and SAP are prepared on a monthly basis and that all variances are investigated. A reconciliation should also be prepared as at March 31, 2013 to ensure that amounts reported in SAP are complete and accurate. |
Management agrees with this recommendation. The Office of the Chief Financial Officer (OCFO) will perform a reconciliation between the Grants and Contributions Database and SAP on a going forward basis effective immediately to ensure that amounts reported in SAP are complete and accurate. |
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April 2014 |
Director, Centre for Grants and Contributions (OCFO) |
Recommendation 4 It is recommended that the Chief Financial Officer ensure that coordination is improved between accounting offices and contribution programs, to ensure that all receivables, including those resulting from annual overpayments or close-out of contribution agreements, are recorded in the departmental financial system in an accurate and timely manner. |
Management agrees with this recommendation. The Office of the Chief Financial Officer, in collaboration with accounting offices, will initiate enhancements required to identify and record contributions receivables in an accurate and timely manner. |
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December, 2013 |
Director, Centre for Grants and Contributions (OCFO) |
Recommendation 5 It is recommended that the Chief Financial Officer ensure that a quality assurance procedure be implemented to validate the information provided by the various CCM at the time of the Capital Asset Inventory Count. |
Management agrees with this recommendation. The Office of the Chief Financial Officer will ensure that proper quality assurance procedures are in place for the 2013 capital assets inventory exercise and that roles and responsibilities are clearly defined. In addition, the Office of the Chief Financial Officer will ensure that a challenge function role is played to ensure that the information provided by the CCM is correct and that proper documentation exists. |
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April, 2014 |
Chief Financial Officer and Director, Material and Assets Management (Portfolio shared services partnership) |
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