Western Economic Diversification Canada
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Table 2: Audit Plan 2011-2012

Project, Scope, Objectives Audit Priority Rationale for Conduct

1. Carry Forward: G&Cs – Monitoring & Payments

Monitoring is conducted on a regular basis for both financial and non-financial requirements towards desired results. Compliance with terms and conditions of contribution agreements.

[Expected Start Q1 & Completion Q 2]

Very High

Score 11
Links to Corporate Risks
# 2,4
Links to Core Controls:
Governance
Policy & Programs
Citizen-Focus
Risk Management
Stewardship
Accountability
Learning/Innovation
Results/Performance
  • Significance
  • Disbursement of funds
  • Core business process
  • Third party dependencies
  • G&C process cyclical audit

2. Carry Forward: Information Management and Technology Governance

Adequacy and effectiveness of the IM/IT governance framework. Adequacy and effectiveness of the IT asset management functions, including investment planning, lifecycle.

[Outsource- Expected Start Q1 & Completion Q 2]

High

Score 8
Links to Corporate Risks
# 2,4,5
Links to Core Controls:
Governance
Citizen-Focus
Risk Management
Stewardship
Accountability
Learning/Innovation
Results/Performance
  • Change
  • No recent audit
  • Holistic assurance

3. Year-End Procedures

Adequate financial and non-financial controls are in place to manage the transactional and reporting complexities around fiscal year end.

[Expected Start Q2 & Completion Q 3]

High

Score 9
Links to Corporate Risks
# 1,2,3,4
Links to Core Controls:
Governance
Citizen Focus
Risk Management
Stewardship
Accountability
Learning/Innovation
Results/Performance
  • Large volume of transactions and workload
  • Unique requirements at year-end
  • Historical G&C spending patterns
  • Financial and non-financial performance reporting
  • TB Compliance requirements

4. G&Cs – Project Performance Information

Financial and non-financial performance project information results are documented and communicated to the required management level and stakeholders on a timely basis. Processes and systems exist to enable roll-up and continuity of information systems. Planning and scope of this audit will be carefully integrated with the audit of Departmental Performance Measurement (item #5 below).

[Expected Start Q1 & Completion Q3]

High

Score 9
Links to Corporate Risks
# 1,2,3
Links to Core Controls:
Policy & Programs
Citizen Focus
Risk Management
Stewardship
Accountability
Results/Performance
  • Significance
  • Concerns from evaluations
  • Critical performance data
  • Third party dependencies
  • G&C process cyclical audit
5. Departmental Performance Measurement

Relevant information on results, internal operations and programs is gathered and used to make departmental decisions, and public reporting is balanced, transparent and easy to understand. Planning and scope of this audit will be carefully integrated with the audit of Project Performance Information (item #4 above).

[Expected Start Q3 and Completion Q4]

High

Score 8
Links to Corporate Risks
# 1,2,3,4
Links to Core Controls:
Governance
Policy & Programs
Citizen Focus
Risk Management
Stewardship
Accountability
Learning/Innovation
Results/Performance
  • Accountability and transparency
  • Achievement of results
  • Alignment and integration of priorities
  • Significance
  • Public availability
6. Follow –up Audit - Financial Readiness Assessment

Follow up audit of the contracted readiness assessment, which was a study on the department’s financial reporting key control processes and entity wide controls. The audit will focus on those areas where the report deemed the controls to be weak or ineffective.

[Expected Start Q3 and Completion Q4]

High

Score 8
Links to Corporate Risks
# 2,3,4
Links to Core Controls:
Governance
Policy & Programs
People
Risk Management
Stewardship
Accountability
Results/Performance
  • Follow-up on consulting engagement by outsider provider
  • Significance
  • Complexity
  • No recent audit coverage
7. Follow-up on past recommendations

Effective management action plans are implemented. Communicate any significant residual risk.

[Expected Completion Q 2 and Q 4]

Moderate

Score 7
Links to Corporate Risks
# 1 - 6
Links to Core Controls:
Risk Management
Stewardship
Accountability
  • Significance
  • Required by Policy
  • Residual risk associated with outstanding management action plans