Annex to the Statement of Management Responsibility Including Internal Control over Financial Reporting
Office of the Registrar of the Supreme Court of Canada for Fiscal Year 2011-2012 (unaudited)
Under the Treasury Board Policy on Internal Control, departments are required to demonstrate the measures they are taking to maintain an effective system of internal control over financial reporting (ICFR). As such, departments are expected to conduct annual assessments of their system of ICFR, establish action plans to address any necessary adjustments, and to attach to their Statements of Management Responsibility a summary of their assessment results and action plan.
The Office of the Registrar of the Supreme Court of Canada (Office) will use the results of the periodic Core Control Audit performed by the Office of the Comptroller General to adhere to the Treasury Board Policy on Internal Control. This Audit is currently scheduled for fiscal year 2013-2014. Until such audit takes place, the Office will proceed with a risk-based assessment of the system of ICFR. Below is a summary of the results of the assessment conducted as at March 31, 2012.
2. Assessment Results as of March 31, 2012
Design effectiveness aims to identify and document key controls, to ensure that they are in place and aligned with the risks they aim to mitigate, and that required remediation is addressed appropriately and in a timely manner.
The Office has completed the assessment of design effectiveness of its entity level controls (ELC). The assessment showed that key policies related to ELC are in place. The Corporate Risk Profile has been updated recently and communicated to the relevant parties.
The Office is substantially advanced in the assessment of design effectiveness of business process controls as it has completed the Payroll and Procurement to Payment processes. The assessment of Capital Assets and Financial Closing and Reporting processes is still at the early stage with the documentation of key controls being in progress.
Operating effectiveness aims to ensure that key controls are working as intended over a defined period, and that required remediation is addressed appropriately and in a timely manner. The testing of operating effectiveness has not yet started – therefore no assessment results are available at this time.
3. Assessment Plan
The Office plans to complete the design effectiveness testing of the Capital Assets and Financial Closing and Reporting business processes in 2012-2013. The IT General Controls (ITGC) design effectiveness testing is scheduled for 2013-2014.
The operational effectiveness testing of ELC, Payroll and Procurement to Payment is to be assessed in the Core Control Audit in 2013-2014 as specified in the introduction above. As for the Capital Assets, Financial Closing and Reporting and ITGC processes, operational effectiveness testing is expected to be completed in 2014-2015.
The Office will commence ongoing monitoring of the system of ICFR after the respective completion of operating effectiveness testing of each process.
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