The Government of Alberta prepares financial statements and makes them public to inform Albertans about the province’s financial performance. The Office of the Auditor General, under the Auditor General Act, audits the financial statements of the Province of Alberta, as well as every ministry, department, regulated fund and most provincial agencies.
An audit is the collection and evaluation of evidence about the fairness of financial statements. By obtaining this evidence, the auditor general is able to provide a high level of assurance to Albertans about whether the financial statements prepared by management are fairly presented and free from material misstatements. An audit includes assessing where errors (misstatements) could occur in the financial statements, testing management’s internal control over financial information and performing additional audit procedures.
The audit, and the auditor’s report, adds credibility to the financial statements by telling Albertans whether the financial statements are reasonable. This auditing does not mean that the auditor general examines every transaction or guarantees that the financial statements are error free. Millions of transactions are summarized into the province’s financial statements. Audits, therefore, necessarily focus on areas of risk and on the places where errors that matter to users’ understanding of the financial statements as a whole are likely to occur.
We issued unqualified independent auditor’s reports on the financial statements for those entities we audited, including the province’s consolidated financial statements. The government prepared the budget on the same basis as the province’s consolidated financial statements. Therefore, our auditor’s report on the province’s consolidated financial statements did not include an Emphasis of Matter paragraph to emphasize the disclosure of the constructed budget in the province’s consolidated financial statements. For a list of the entities we audited last year, please click here
. We will refresh this information once we have completed our audits for the 2016-2017 fiscal year.