The Auditor General of Québec issues the conclusions of her audit concerning the government's consolidated financial statements as at March 31, 2016 - Press Release no. 2

QUÉBEC, March 22, 2017 /CNW Telbec/ - Today, Ms. Guylaine Leclerc makes public the Winter 2017 Volume of the Report of the Auditor General of Québec to the National Assembly for 2016-2017. In Chapter 2, she makes known the results of her audit carried out primarily at the Ministère des Finances du Québec.

For the fourth consecutive year, the government's consolidated financial statements respect the Canadian Public Sector Accounting Standards, with the exception of the effects of the accounting treatment of certain infrastructure-related subsidies granted through Government of Québec assistance programs (government transfers). According to our estimate, the net debt and accumulated deficits are understated by $9.4 billion as at March 31, 2016, and the annual surplus is overstated by $188 million. The adjustments may be higher, as information that would make it possible to identify the work carried out as at March 31, 2016, is not available for a remaining balance of $3.1 billion presented in the contractual obligations.

After reading additional information and the analysis published by the Public Sector Accounting Board, we are still of the opinion that the government's current practice with regard to the accounting of government transfers is not the most appropriate.

Follow-Up on recommendations. A follow-up was conducted on four recommendations made in previous audits of the government's consolidated financial statements. One recommendation was applied, while the other three were not.

The Highlights are available at www.vgq.qc.ca. The full report is available only in French.

Source:	Lucie Roy, Director of Communications
	Auditor General of Québec
	Tel.: [phone]

SOURCE Vérificateur Général du Québec

Lucie Roy, Director of Communications, Auditor General of Québec, Tel.: [phone]

Related Links

www.vgq.gouv.qc.ca