MONTREAL — Mostly, all is well with Telefilm Canada’s corporate and operational management, but a number of improvements have been recommended in a special examination report from the Office of the Auditor General of Canada (OAG), made public by the film funder on Monday.
The special examination carried out by the OAG covered the period from September 1, 2018 to June 30, 2019. According to the OAG report, there were no significant deficiencies in Telefilm’s systems and practices examined as part of the audit.
However, with regard to Telefilm’s corporate management practices, the OAG found areas for improvement related to the following: board oversight; board independence; performance measurement, monitoring and reporting; and risk mitigation, monitoring and reporting. In addition, in terms of management of operations, the OAG concluded the management of Telefilm’s financing programs needed improvement.
In its industry advisory issued today, Telefilm said it welcomed the conclusions of the OAG’s report and pointed out it has already implemented solutions to certain recommendations made by the OAG. For example, Telefilm says it has already taken concrete action regarding the review and modernization of performance indicators related to strategic and operational objectives.
The OAG’s special examination is carried out at least once every 10 years and is used to determine whether Telefilm’s systems and practices provide reasonable assurance that its assets are safeguarded and controlled, its resources are managed economically and efficiently, and its operations are being carried out effectively.
To read the OAG’s special examination report, please click here.
