Summary report for the recipient audit performed on Swampy Cree Tribal Council Incorporated
Name: Swampy Cree Tribal Council Incorporated
Location: Manitoba
Population: N/A
Default status at time of audit: not in default
Current default status: not in default
Current Chief: Harold Turner
Time period covered by audit: April 1, 2015 to March 31, 2017
Amount of ISC funding audited: $7,775,321
Background
Indigenous Services Canada (ISC) selected Swampy Cree Tribal Council Incorporated (recipient) for a recipient audit.
The objective of the recipient audit was to provide assurance that funding provided to the recipient by the Government of Canada was spent for its intended purposes and compliant with the terms and conditions of the 2015 to 2016 fiscal year and 2016 to 2017 fiscal year funding agreements. The objective was achieved through:
- reviewing the recipient program management and financial control practices in relation to the funding agreements
- conducting audit procedures on the eligibility of the expenditures claimed under the terms and conditions of the funding agreements with ISC
Samson & Associates, an independent audit firm, was commissioned by ISC to undertake the recipient audit. The audit procedures were performed from March 12, 2018 to March 22, 2018.
Overall assessment
Overall, except for the observations contained in the audit report and the amounts reported as ineligible and disclaimed, the auditors are of the opinion that the recipient has complied with the financial and non-financial terms and conditions of the funding agreements.
Findings
The procedures performed identified that internal financial control processes are mostly in place, and well managed. However, a few procedures identified control weaknesses within program administration, and financial management. Addressing these internal controls will strengthen how the recipient manages and allocates its funds in accordance to the agreement. The following are some key findings and key recommendations identified in the audit report.
Program administration
The recipient has updated their policies in regards to governance structure. However, it is recommended that the Grand Council ratifies all revisions to policies as some updates have not been ratified.
Financial management
The recipient does maintain accounting records but it is recommended that they ensure that an audit trail exists to substantiate the approval of the bank reconciliation by an individual who is independent of the bank reconciliation function. The recipient maintains a Chart of Accounts but it is recommended that the structure be modified to ensure that transactions are recorded in compliance with each funding agreement.
Current status
A copy of the final report has been sent to the recipient and will work with ISC to address the findings. In addition, the recipient was provided with a verbal briefing on the results of the audit.
Disclaimer: This audit summary was prepared based on information contained in a recipient audit report on the recipient. The report produced for ISC is intended solely for the information and use of the recipient and ISC management. The audit summary only presents limited information on the general findings based on the audit procedures performed and does not provide information on the detailed procedures of findings. Consequently, this summary may not be appropriate for the purpose and use of the reader.