OTTAWA (November 18, 2010) -  The Honourable Senator David Tkachuk, Chair of the Standing Senate Committee on Internal Economy, Budgets and Administration today tabled the first annual external audit of the Senate’s complete Financial Statements for the year ending March 31, 2010.

The financial statements were prepared in accordance with Canadian Generally Accepted Accounting Principles for the public sector (GAAP) and were audited by KPMG.  The auditors did not find any errors during their audit that required them to recommend any adjustments to the financial information they reviewed, nor were there any unadjusted differences that might suggest control deficiencies.

This follows the tabling of audit of the Senate’s Statement of Financial Position on March 31, 2009, conducted by PriceWaterhouseCoopers . 

“KPMG praised the Senate Administration for the culture of diligence that has been established in its financial processes, noting that the audit went extraordinarily well for a first-ever audit of financial statements,” said Senator Tkachuk.

“The fact that the auditors did not need to prepare a management letter for our Clerk recommending corrective actions to our financial controls is a tribute to the hard work of our staff,” said deputy chair, the Honourable Senator George Furey.

For more information about the Senate, please go to:

http://www.sen.parl.gc.ca/home-e.htm

For more information, please contact:

Senator David Tkachuk                                           Senator George Furey
613-947-3196                                                              613-943-7805

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