5. Departmental action plan

This following summarizes the actions taken to date to deal with any significant adjustments related to ICFR as well as significant elements of work that are planned to be completed in subsequent years.

Progress as of March 31, 2011

During the fiscal year 2010-2011, the CFIA has made significant progress in assessing and improving its key controls within the system of ICFR. Progress to date is summarized below:

The CFIA has completed:

• Establishment and resourcing of a self-assessment team to implement the policy requirements related to ICFR and to provide ongoing assessment, monitoring and reporting;
• Implementation of an enhanced financial control framework supported by a group of financial policies and procedures;
• Development and implementation of a three-year self-assessment action plan based on a risk-based decomposition of the financial statements;
• Full self-assessment of key controls in the areas of values and ethics, competency of financial staff, and operating and maintenance expenses; and
• Documentation of processes and key controls in payroll, and financial close and reporting.

The CFIA has commenced or partially completed:

• Design effectivenss test of payroll;
• Documentation of revenue management;
• Development of a new management and governance structure for transfer payments;
• Development of a revenue monitoring / reconciliation process; and
• Addressing the weakness identified during the self-assessment in fiscal year 2010-2011.