Archived - Audit of the Department of Finance's Economic Action Plan: Governance, Risk management and Control Framework

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Executive Summary

On January 27, 2009 the Government of Canada introduced the Economic Action Plan (EAP) to jumpstart growth and sustain recovery over a two-year period, as a result of extraordinary global financial and economic circumstances. The EAP covers total federal stimulus measures for an amount of about $47 billion over the next two years (approximately $28 billion for 2009-10 and over $19 billion for 2010-11) and an investment into the Canadian economy by improving access to financing, through the Extraordinary Financing Framework, for an amount up to $200 billion.

The audit objective is to assess the auditable elements of the EAP which fall under the responsibility of the Department of Finance (the Department). These are: (1) the Extraordinary Financing Framework (EFF); and (2) the Enactment and implementation of tax relief measures announced in the plan.

Our audit concluded that the responsibilities of the Department’s Tax Policy (TP) and Financial Sector Policy (FSP) branches, relating to the EAP, have been clearly established and the EAP related actions of both branches are consistent with and adhere to relevant authorities.