2. Paul Young - Bio
• CPA, CGA
• Academia (PF1, FA4 and MS2)
• SME – Risk Management
• SME – Close, Consolidate and Reporting
• SME – Public Policy
• SME – Internal Controls
• SME – Financial Planning and Analysis
• SME – Business Strategy
• SME – Emerging Technology
• SME – Financial Solutions
• SME – Business Process Change
• SME – Supply Chain Management
Contact information:
Paul_Young_CGA@Hotmail.com
3. Agenda
Debt per capita / Province
Provincial Deficits / Canada
Auditing
Training/Development Courses
What’s next for govt?
4. Debt per capita / Provinces
Source - https://www.fao-
on.org/en/Blog/Publications/Ontarios-credit-rating
• Downgrades since October 2019 – AB - https://theprovince.com/business/local-business/alberta-
downgraded-by-credit-rating-agency/wcm/343e0490-fc94-4707-b1e0-13500ebd69cc NF -
https://www.thetelegram.com/news/local/moodys-downgrades-newfoundland-and-labradors-credit-
outlook-to-negative-433196/
5. Deficits / Provinces
Pre-COVID 19
• Ontario projects $21B deficit for 2020-2021 -
https://www.theglobeandmail.com/canada/article-ontario-
projects-205-billion-deficit-in-2020-21-as-it-spends/
• Cash crunches for all levels of govt
• https://www.rcinet.ca/en/2020/04/03/covid-19-cash-
crunch-for-business-cities-provinces-even-federal-
government/
• All province are addressing their responses to COVID19
• Program funding
• Lower taxation (Income Tax, Consumption Taxes, etc.)
6. What is performance-based auditing
Source - https://chapters.theiia.org/vancouver-island/Events/Pages/Performance-
Based-Auditing.aspx
Auditing in the public sector means more than simply determining if controls are in place and regulations are being
followed. Public sector auditing, in many cases, means you will be dealing with varied constituents and often working in a
more public forum.
For new and experienced government and public sector auditors facing these unique challenges, this course will provide
new insight that includes assessing whether or not control frameworks are working to further an organization’s goals and
achievements. By learning to review an organization or department’s objectives and assess the risk to achieving them,
public sector auditors in this program will be able to effectively evaluate the organization and ensure that it is working
toward or maintaining a high level of performance.
Areas of focus:
• Management Issues, Concerns, and Functions
• Control Frameworks
• Risk-based Approach to Performance Auditing
• Value-for-money Approach to Performance Auditing
• Performance Measures
7. Value for Money
Source - https://www.iasplus.com/en-ca/standards/assurance/other-canadian-standards/section-ps-5400-value-for-money-auditing-in-
the-public-sector or https://www.niauditoffice.gov.uk/value-money-audit
An independent evidence-based investigation which examines and reports on whether economy,
effectiveness and efficiency has been achieved in the use of public funds.
Objectives
The primary objectives of value for money (VFM) audit are to:
• provide the Assembly with independent information and advice about how economically, efficiently and
effectively departments, agencies and other central government public bodies have used their resources;
• encourage audited bodies to improve their performance in achieving value for money and implementing
policy; and
• identify good practice and suggest ways in which public services could be improved.
An Organizations seeks to promote better value for money by highlighting and demonstrating to audited
bodies ways in which they could make improvements to realize financial savings or reduce costs; guard
against the risk of fraud, irregularity and impropriety; provide a better quality of service; strengthen and
enhance their management, administrative and organizational processes; and achieve their aims and
objectives more cost-effectively.
8. Can any
organization
undertake
Internal audit
and controls?
All organizations can set up internal control process and/or reporting:
Triggers can be created based on pre-defined measurement and/or control
framework - https://www.investopedia.com/terms/c/continuous-
auditing.asp
Performance Measurements can be set up as part of measuring program
outcomes against success criteria. (AI and BI tools can be set up to help
with performance measurements reporting)
External Audit firms can work with organizations to set up control
frameworks, performance measurements, etc.
IT personal/Accounting teams can set up triggers with databases and/or
accounting software by establishing audit reporting (i.e. error reports,
reconciliations reports, security access reports, etc.)
9. Training and Development
If you like to learn more
about trade and/or other
subjects as part of your
professional learning and
development then feel
free to review my
material on
https://www.udemy.com/
(search Paul Young CPA
CGA)
These subjects address
how to fixed issues with
housing and/or systemic
issues related to economy
including government
policies
10. What needs to be done
All levels of governments need to moved forward with digital framework
All levels of governments need to adopt analytics and data sciences
All levels of governments need to have audited risk management reports
All level of governments will need to be transformed
Pension funding
Compensation
Review of both discretionary and non-discretionary spending