Hon. Marty Klyne: Honourable senators, I am pleased today to speak to the Standing Senate Committee on Audit and Oversight’s annual report for the 2024-25 fiscal year.
The 2024-25 fiscal year saw our committee continue to fulfill its mandate, an important aspect of which is the oversight of internal audit. Under the committee’s direction, the Chief Audit Executive progressed in the building of an internal audit function.
Major milestones reached in this area during the 2024-25 fiscal year include the committee’s adoption of the Internal Audit Charter and the approval of the Chief Audit Executive’s multi‑year, risk-based internal audit plan — the first such plan to be initiated at the Senate.
The Internal Audit Charter, which took effect in September 2024, is a foundational document which will guide the work of the Chief Audit Executive in carrying out the internal audit plan. In adopting this charter, the committee is making sure the internal audit function at the Senate follows internationally recognized standards.
The risk-based, internal audit plan will be updated on a rolling annual basis and will continue to evolve as the Chief Audit Executive develops the internal audit function.
This plan supports an independent and value-added approach to an internal audit for the Senate. The committee oversaw external audit work during the 2024-25 fiscal year, thereby fulfilling another aspect of the committee’s mandate. The oversight of the external auditor included reviewing the 2023-24 financial statements audit plan, subsequently reviewing the audit results and evaluating the external auditor.
In keeping with its mandate, the committee also reviewed quarterly financial reports and the 2023-24 audited financial statements for information purposes.
The annual report outlines the committee’s activities in other areas within the committee’s remit, such as those related to risk management, and summarizes the activities undertaken by the intersessional authority.
I would also like to draw attention to the committee’s observations contained in the annual report. These observations reflect on upcoming priorities for the internal audit function, amongst recommendations in other areas.
Throughout the 2024-25 fiscal year, the Senate’s Audit and Oversight Committee strove to advocate for the four principles which underpin our mandate, namely, integrity, independence, transparency and accountability. Our committee will continue to do so as we all work together to ensure financial responsibility within the Senate’s operations.
The preparation and tabling of the 2024-25 annual report was delayed this year due to prorogation and dissolution. In addition, our committee had to wait for the adoption of the motion referring past work before being able to finish preparing the report.