Thank you, Mr. Speaker. Today I’d like to speak to the need for mandatory regular performance audits on territorial corporations owned by the GNWT, like the NWT Housing Corporation, the NWT Power Corporation, and the Business Development and Investment Corporation. This is an issue I have raised many times before in this House, Mr. Speaker, in this Assembly and certainly in the last.
As we all know, these corporations are, of course, subject to annual financial audits by the Auditor General’s office, which examines the books and ensures the financial reporting practices are in accordance with recognized accounting principles. Mr. Speaker, while this is a very important accountable mechanism that the work is being done there, it does not do the needed added steps which gives the corporations and the directors or shareholders, that is, which are ultimately the residents of the NWT, an indication as to how effectively and efficiently these corporations are operating. This is something that should happen, Mr. Speaker, over the course of every five years, not unlike what the federal government does, and the Auditor General makes sure the federal corporations are acting and operating healthy.
I have said this before: we need to catch up with other jurisdictions that are already doing this, and by bringing our own legislation that ensures the corporations are not only following the rules but are also working as effectively as possible.
As I understand it, the review of the Financial Administration Act will very likely be on the agenda of the 17th Assembly. This would be an ideal opportunity to bring the needed amendments, and I would strongly encourage the Minister of Finance to instruct his staff to undertake the background work so that this option can be available and considered for the next committee and government that reviews the update of the Financial Administration Act.
This is a critical piece of work that needs to be done, and it proves to the citizens of the Northwest Territories that our corporations are working efficiently and effectively, and I think it shows demonstrated proof, Mr. Speaker, that we’re getting the best dollar out of corporations as possible.
I will have questions for the Minister of Finance later today when the time comes. As well, Mr. Speaker, I will be tabling, at the appropriate time, a letter from the Auditor General of Canada who supports this initiative. Thank you, Mr. Speaker.
Thank you, Mr. Hawkins. The honourable Member for Kam Lake, Mr. Ramsay.
