VICTORIA – The office of British Columbia’s auditor general says he found two “significant errors” in the New Democrat government’s year-end public financial statements, but the Ministry of Finance says it’s been advised to continue using what it says are long-standing accounting practices.
Michael Pickup says in a statement the errors could mislead users of the financial statements, but does not suggest wrongdoing.
Finance Minister Katrine Conroy released the government’s audited financial statements Thursday for last fiscal year, which peg the province’s deficit at $5.035 billion, lower than a previous forecast of $5.9 billion.
Pickup, who was not available for further comment, says in the statement one error involves how the government reports money from the federal government and other sources, and the second relates to the province understating contractual obligations.
Pickup, whose office has previously stated similar concerns, says revenues this year were understated by $7.67 billion and liabilities overstated by the same amount, while contractual obligations that are part of long-term contracts were understated by $5.7 billion.
The Ministry of Finance says in a statement it will continue to work with the Office of the Auditor General on future financial statements.
“The auditor general has identified two points of reservation, both of which continue from the prior years,” said the statement.
“The ministry reviews these recommendations each year and has taken the comptroller general’s advice not to make any changes to the long-standing practices in these areas.”
This report by The Canadian Press was first published Aug. 23, 2024.
