Our auditor is the Auditor General of Canada. The Auditor General performs special examinations and annual financial audits and audits the implementation of our Environmental and Social Review Directive.
We are a seven-time winner of the Auditor General's Award for Excellence in Financial Reporting.
A special examination is a performance audit of a federal Crown corporation conducted by the Auditor General of Canada at least once every 10 years. The examinations provide an independent audit opinion to the Board of Directors and the appropriate Minister and Parliament on the management of EDC.
In particular, the Auditor General examines whether our financial, management and information systems and practices provide reasonable assurance that our assets are safeguarded and controlled; whether our financial, human and physical resources are managed economically and efficiently; and whether operations are carried out effectively.
The last Special Examination was conducted in 2009. The report noted: "The Corporation has in place the key elements of a good governance framework. It has a sound corporate planning process that provides clear direction for its activities and considers relevant information from a number of sources, including its Board of Directors.”
Our Internal Audit group conducts annual audits as per a risk-based audit plan which is approved by the Audit Committee of the Board of Directors. After each audit, a report is issued which includes our opinion on the related internal controls, a summary of each finding and management’s remedial action plans.