Question Period Note: PUBLIC ACCOUNTS

The Public Accounts of Canada will be tabled in Parliament by the President of the Treasury Board.

• The Government of Canada is committed to responsible financial management and oversight.
• The Public Accounts include the audited consolidated financial statements of the Government.
• For the 21st year in a row, the Government of Canada has received a clean audit opinion of its consolidated financial statements.
• This demonstrates the high quality of Canada’s financial reporting.

Production and finalization of the Public Accounts of Canada is a joint responsibility between the Receiver General, the Office of the Comptroller General and the Department of Finance.
The Public Accounts reflect the Government’s audited consolidated financial statements and other detailed financial information for the fiscal year 2018-2019 that ended March 31, 2019.
• Volume I – includes the audited consolidated financial statements of the Government; the unmodified audit report from the Auditor General; a financial statements discussion and analysis, which presents 10 year comparative financial information; as well as details on certain financial statement components.
• Volume 2 – includes financial operations of the departments.
• Volume 3 – includes other supplementary information such as Losses, Ex Gratia payments and Ministers’ Office Expenditures.
The Auditor General is also expected to simultaneously table in Parliament, through the Speaker of the House, his observations on key financial audits. This year's focus will be on pay administration and National Defence's inventory of assets.
The Public Accounts are tabled in the House of Commons and undergo a review by the Public Accounts Committee.
The Public Accounts show a deficit of $14.0 billion for the fiscal year 2018-2019, from a budgetary deficit of $19.0 billion in 2017-18.
Budget 2018 projected a deficit of $15.8 billion for 2018-2019 (after deduction of the adjustment for risk).

KEY FACTS • For the 21st year in a row, the Government of Canada has received a clean audit opinion for its consolidated financial statements.