Assessment of Internal Controls over Financial Reporting and Financial Management

INFC provides long-term, predictable support to help Canadians benefit from world class, modern public infrastructure. It works closely with all orders of government and other partners to enable investments in social, green and public transit and other core public infrastructure and housing, as well as trade and transportation infrastructure. Infrastructure initiatives and projects are funded through transfer payments, grants and contributions.

Departments are required to ensure that a risk-based departmental system of Internal Controls over Financial Management (ICFM) is established, monitored and maintained. This provides reasonable assurance that public resources are used prudently and in an economical manner, financial management processes are effective and efficient, and relevant legislation, regulations and financial management policy instruments are being complied with. Any control weaknesses and material unmitigated risks are identified, including risk of fraud, and prompt corrective action is taken.

The scope of services may include, but is not limited to, the development of a fraud risk framework, as well as the assessment of internal controls on one or more of the following control areas: Budgeting and forecasting Entity level controls IT general controls and application controls Cabinet submissions, costing, and CFO attestation Transfer payments Payroll Capital assets Financial reporting and financial close Acquisition cards Procure-to-payment Project management Travel, hospitality, conferences and events