Financial Statement Audit Coverage Plan for financial statement fiscal years ending in 2025, 2026, and 2027
The Financial Statement Audit Coverage Plan outlines how the Office of the Auditor General determines which government reporting entities’ financial statements will be audited by the office directly and which entities will be audited by private accounting firms.
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.
This document is prepared in alignment with the Auditor General Act, the Budget Transparency and Accountability Act, and the Performance Reporting Principles for the B.C. Public Service. It accompanies our budget submission for the same period so that our work plan and performance targets correspond to our funding requests. The foundation we’ve built over recent years is strong. We keep a steadfast focus on the people and product of our office. We are grateful for the resources entrusted to us to fulfill our mandate. Our service plan’s strategies will sustain the momentum we’ve created in recent years and it will guide our drive for improvement.
Across B.C., each university’s board of governors has a critical role in overseeing cybersecurity risk management. They review strategies to protect IT systems and personal data, and they hold university management accountable for those strategies. This audit focused on the board of Vancouver Island University and its oversight of cybersecurity risk management at VIU.
Our office has followed-up on 112 recommendations made to B.C. government organizations in 18 audits of programs and services. These performance audits were reported in 2019, 2020 and 2021, and government agreed to address all of the recommendations.
The Office of the Auditor General’s Annual Report and Financial Statements 2022/23 highlights achievements and summarizes the independent assurance and trusted information we provided to the Legislative Assembly of British Columbia. This is a report on the achievements of the goals, objectives, and performance measures set out in our annual service plan. The annual financial statements were prepared in accordance with generally accepted accounting principles. Our financial statements and annual report are audited by an independent auditor, and their two audit reports are included. Note that this report was updated on October 16, 2023, with an amendment to Appendix B.
In 2020, B.C.’s tourism sector was devastated by COVID-19-related closures and nearly two-thirds of people working in the industry lost their jobs. In response, the Ministry of Tourism, Arts, Culture and Sport quickly designed and launched the $41.4-million Destination Development grant program, supporting 106 tourism-related projects across the province. We looked at whether the ministry administered the grants according to government transfer payment policy and program guidelines.