Province’s Fiscal Update
The government is required by Section 9 of the Government Accountability Act to report publicly, through quarterly fiscal updates, on the accuracy of the Province’s consolidated fiscal plan. We do not audit the Province’s quarterly fiscal updates, although as part of our audit of the Province’s consolidated financial statements, we consider the fiscal updates important. Much like any business, it is better run if management periodically monitors its own performance throughout the year.
When the government released the 2012–2013 first quarter fiscal update, the form and content of the report had changed, and it did not contain the same information that was previously reported publicly, such as a balance sheet. Subsequently, there was considerable commentary about whether the new form and content of the fiscal update complied with the law, specifically Section 9 of the Government Accountability Act. In light of this, we felt it was important to consider the substantive changes made to the fiscal update, to identify whether there was an instance of legislative non-compliance that we should bring to the attention of the legislative assembly.