Debates of March 14, 2007 (day 2)

Thank you, Mr. Speaker. In February 2006, I made a statement on the need to perform regular performance or value for money audits on Crown corporations owned by the GNWT. At the time, the Finance Minister indicated he was open to examining the issue and possibly considering an expanded role for our very own Audit Bureau. Over a year has gone by and I have yet to hear anything from our fine Finance Minister on this issue and there have been no concrete steps on implementation of this idea.

We all know that Crown corporations are subject to annual financial audits by the Auditor General’s office, who examines the books and ensures that financial reporting practices are in accordance with the recognized accounting principles. But I don’t think we should stop there, Mr. Speaker. While this is a valuable exercise, it does not provide the directors of the Crown corporation or the stakeholders, the residents of the NWT as represented by this government, with any indication that all the resources are being managed efficiently, economically, or the operations are being carried out effectively and the assets are truly in safeguard. Federal legislation provides that indication, and as the Auditor General’s office has pointed out to me in her letter, this is one of the major differences between the different level of governments; that special examination of Crown corporations.

There is a need to move ahead on this file, Mr. Speaker, and we have the opportunity before us through the upcoming review of our Financial Administration Act to accomplish this, to strengthen the NWT’s legislation. The Auditor General’s office has indicated that they would be willing to assist. Mr. Speaker, Canada’s top auditor, Sheila Fraser, has made an offer that would be truly unreasonable for this Assembly to refuse. This is an olive branch of accountability, Mr. Speaker, that would provide and serve all northerners well. It would provide an independent point of view that our Crown corporations are giving us value for money.

All we need to do is the recognition by this government for the need to monitor operational practices of our Crown corporations on a regular basis. All we need to do, Mr. Speaker, again, is just ask. It won’t cost us much and it will cost us everything if we do not consider this seriously.

Mr. Speaker, I will have questions at the appropriate time for our Finance Minister. Thank you, Mr. Speaker.

---Applause