1. ACCOUNTABILITY IN FINANCIAL MANAGEMENT
External audit for Service Provider Contract (SP) for Canada Student Loans

2. CSLP in numbers Canada Student Grants (LY 2013-2014) # students
Value of disbursements
$715.3 M
Canada Student Loans (LY )
497,700
+ $2.7 B
Total value of portfolio
+ $18 B

3. External Audit for SP Contract
1. Accountability
By March 2014, there was over $18 billion disbursed in the Student Loan Portfolio
2. Administration of the Program
Requirement under the SP Contract for assurance of adequate controls to manage loans, bursaries and grants in compliance with legislation, policies and other requirements;
Assurance to Treasury Board (TB) that financial information is reliable and accurate (use of public funds);
Assurance to the Deputy Minister of ESDC that the department is meeting its obligation under the Policy of Internal Control (PIC).
Requirement for the Office of the Auditor General (OAG)
The OAG consults the audit opinions in support of the Public Accounts.
Requirement for the Integrated Provinces (IPs)
The Attest Audit is also a requirement of the 5 Integration Agreements with the Integrated Provinces.

4. External Audit for SP Contract
CAS 805 – Opinion on financial statements
CICA 5815 – Report on Compliance with Agreements, Statutes, and Regulations
CSAE 3416 – Reporting on Controls at the Service Organization
Integrated Audit Approach:
The integrated audit approach is represented in the following pyramid diagram
The audit pyramid demonstrates how the auditors obtain sufficient, appropriate audit evidence in support of their audit opinions through their integrated audit approach.