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The highlights presented here are intended to serve as a general overview of the OIC's future-oriented financial statements. In compliance with government-wide standards recommended by Parliament and the Auditor General of Canada, the OIC is introducing future-oriented statements, prepared on an accrual basis, to improve accountability, transparency and financial management. The detailed future-oriented financial statements can be found in the About Us/Corporate Information section of the OIC's website under Reporting.
Future-oriented Condensed Statement of Operations For the Year (Ended March 31) |
Variation | Estimated Results 2011 | Forecast 2012 |
---|---|---|---|
Expenses | |||
Total Expenses | -6% | 14,744 | 13,825 |
Revenues | |||
Total Revenues | 0% | 0 | 0 |
Net Cost of Operations | -6% | 14,744 | 13,825 |
Future-oriented Condensed Statement of Financial Position For the Year (Ended March 31) |
Variation | Estimated Results 2011 | Forecast 2012 |
---|---|---|---|
Assets | |||
Total Assets | -6% | 1,560 | 1,461 |
Liabilities | |||
Total Liabilities | 0% | 2,962 | 2,971 |
Equity | -8% | (1,402) | (1,510) |
Total | -6% | 1,560 | 1,461 |
Preliminary Review of Key OIC Financial Processes, October 2010
To ensure healthy financial management and compliance with key policy requirements on internal controls, the Office of the Information Commissioner of Canada has undertaken to document significant processes and controls and to assess their efficiency. In 2010-2011, Samson & Associates was mandated to document and conduct a preliminary review of the following key processes and controls: salary expenditures, purchase of goods and services and payments to suppliers, management of assets and inventories, and accounting period closing processes and controls. As a result of observations and recommendations included in the report, OIC management has taken action to address all opportunities for improvement.
1 Planned spending is composed of approved reference levels from the previous year's closed Annual Reference Level Update and adjustments to those reference levels, such as amounts received through Supplementary Estimates.
2 Approximately 68% of OIC resources are dedicated directly to its core Compliance Program Activity, which includes Legal Services. The remaining 32% is slated for Internal Services. This percentage is consistent with other Agents of Parliament and organizations of comparable size and mandate.
3
Priority previously committed to: Committed to the priority for 2009−2010 or 2010−2011.
Ongoing priority: Committed to at least three fiscal years prior to 2011−2012.
New priority: Newly committed to starting in 2011−2012.
4 Risk to the OIC before the application of controls