4. Audit Objective and Scope

The objective of the audit was to provide senior management with reasonable assurance that controls over the financial reporting of selected expenditures are effective and adequately mitigate the risk of non-compliance with applicable laws, policies and directives.

  • As a result of our preliminary risk assessment, the following activities were included as part of our audit:
    1. Review of the following processes and internal controls in place for adequacy and effectiveness:
      • Management of individual travel cards; and
      • Management of material and safeguarding of assets.
    2. Testing of internal controls over the financial reporting for the following expenditures and respective selected periods:

      Travel expenditures: April 1, 2010 to November 30, 2011
      Hospitality expenditures: April 1, 2010 to November 30, 2011
      Executive compensation: December 1, 2010 to November 30, 2011
      Wireless/BlackBerry expenditures: April 1, 2010 to November 30, 2011