Question Period Note: Public Accounts of Canada 2024

Regarding the effective management of public funds, how is the government addressing concerns relating to transparency, accountability and timing of the Public Accounts of Canada?

• For the 26th consecutive year, the Auditor General provided the Government of Canada with a “clean” audit opinion, indicating that the consolidated financial statements were credible and fairly presented. This demonstrates the quality of the government’s financial reporting.
• The government is legally required to table the Public Accounts no later than December 31st following the end of the fiscal year – or within the first 15 days once the House reconvenes if it is not sitting during that period.
• Additional analyses were required to complete the Public Accounts this year, which contributed to a later tabling date compared to previous years.
• The government remains committed to have Public Accounts 2025 ready for tabling by October 15, 2025, notwithstanding any extraordinary events.

Public Accounts 2024
• The production and finalization of the Public Accounts of Canada is a joint responsibility between the Receiver General for Canada, the Department of Finance, and the Treasury Board of Canada Secretariat, which includes the Office of the Comptroller General.
• The Public Accounts includes the Government’s audited consolidated financial statements and other detailed financial information for the fiscal year 2023-2024 that ended March 31, 2024.
o Volume I – includes the audited consolidated financial statements of the Government; the audit opinion of the Auditor General; a financial statements discussion and analysis; as well as details on certain financial statement components.
o Volume II – includes financial operations of the departments, including the reconciliations of authorities granted and spent.
o Volume III – includes other supplementary information such as losses, claims
against the Crown, ex gratia payments and Ministers’ Office expenditures.
• The 2023-2024 Public Accounts were tabled in Parliament on December 17, 2024. Although this met the legislated deadline of tabling before December 31, this was approximately two months later than typical tabling dates. Additional analysis was required to prepare the 2023-2024 Consolidated Financial Statements, which resulted in the delay of the tabling of the Public Accounts.
• The Auditor General also released a Commentary on the 2023–2024 Financial Audits which included the Auditor General’s observations on significant findings identified as part of the audit of the Government of Canada’s consolidated financial statements. Observations were made on the preparation of the consolidated financial statements, pay administration, information technology general controls, asset retirement obligations and National Defence inventory and asset pooled items.
Timeliness of the Tabling of the Public Accounts
• Following recommendations brought forward in the 20th Report of the Standing Committee on Public Accounts (entitled Report 20 – Public Accounts of Canada 2021), the government assessed the feasibility of having the Public Accounts ready for tabling on or before October 15, and the most appropriate means to implement such a change.
• Based on this assessment, the government confirmed in 2024 that the production plan is being adapted to have the Public Accounts of Canada ready for tabling by October 15, starting in 2025.
• On September 13, 2024, the Office of the Parliamentary Budget Officer released a report on the timely financial reporting by the Government of Canada, with an emphasis on the tabling of the Public Accounts of Canada earlier (Timely Financial Reporting: A Path Forward for the Public Accounts of Canada). It included four recommendations with the goal of tabling the Public Accounts by September 30 following the end of the fiscal year.

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