Financial Audits

Under The Provincial Auditor Act, the Office of the Provincial Auditor audits the Government of Saskatchewan’s financial statements, which reports on the financial performance of the entire Government and the financial condition of the province.

The financial statements include the combined financial results of all the agencies that the Government controls (over 160 agencies including the Saskatchewan Health Authority, school divisions, SaskPower, and the Ministry of Finance).

Audit of the Government of Saskatchewan’s 2023–24 Financial Statements

Provincial Auditor’s Opinion on the 2023–24 Government Financial Statements

The Government received an unmodified (clean) audit opinion on its 2023–24 financial statements.

This means the financial statements meet Canadian public sector accounting standards and users can place reliance on the Government’s financial statements. Overall, the Office satisfied with the credibility of the Government financial statements, and they are free of significant errors.

Key Audit Matters

Key audit matters are those matters that took a lot of audit effort because of the possibility of significant errors. They include matters that are complex and have a high degree of estimation.

Key audit matters in 2023–24:

  • Individual and corporate tax revenue, which provided $5.8 billion in revenue in 2023–24 and accounts for 28% of the Government’s revenues. Estimates of individual and corporate tax revenue involve several inputs and assumptions.
  • Pension liabilities of $6.1 billion at March 31, 2024, where responsibility for funding lies with the Government and the estimated liability requires significant judgment about future events (e.g., average lifespan of pension plan members) and economic conditions.
  • Non-renewable resources revenue like from oil and gas can be affected by price and sales factors beyond a government’s control and can differ significantly from initial estimates. Non-renewable resources provided $2.4 billion in revenue in 2023–24 compared to $4.6 billion in 2022–23.

Other Matter Reported in the 2023–24 Independent Auditor’s Report

During the 2023–24 audit of the Government of Saskatchewan’s financial statements, the Office found the Government did not pay all fuel charges to the Federal Government as required under the Greenhouse Gas Pollution Pricing Act from January to March 2024.

This non-remittance did not have a significant impact on the Government’s financial statements for the year ended March 31, 2024, and our audit opinion was not modified as a result. However, the Government’s financial statements may become materially misstated (or have significant errors) in future periods from continued non-compliance with this Act.

Audit At a Glance: