Financial Audits and Approval Timelines
I hope this message finds you in good health and spirits and your summer is going well! We are aware that our citizens deserve timely and accurate audits and knew we needed to communicate to share the status as well as expected timelines to fulfill our fiduciary responsibilities.
When we took office in April 2023, it became immediately clear that our Nation was facing several challenges in relation to our financial audits. We discovered a significant backlog in audit preparation and completion, and we were informed that previous accounting practices had not been aligned with the best standards or practices necessary to ensure the successful completion of audits with an unqualified status. This was a matter of great concern, as the unqualified audit status is essential for transparency, accountability, and the continued financial health of Cowessess First Nation.
Due to these challenges, we experienced further delays in scheduling with our external auditor, MNP. However, we have made considerable progress in addressing the backlog and rebuilding the necessary capacity within our Finance department. Our Chief Financial Officer and dedicated staff have been working diligently with MNP to get back on track and ensure that our accounting practices are in line with industry standards moving forward.
Our citizens deserve better and we have been dedicated to a truthful audit for our members. This was not the situation we hoped to inherit, but we have been working diligently to address the backlog and put measures in place for timely future audits.
Audit for 2022-2023
Since taking office, our team has made it a priority to address these challenges. We are pleased to inform you that the audit for the 2022-2023 fiscal year has now been completed. Our Chief Financial Officer, along with the Finance staff, has worked tirelessly with our auditor, MNP, to ensure the completion of this audit. It is now available for your review, and we welcome any questions or feedback you may have.
Audit for 2023-2024
As this is the first audit for our term, the audit for the 2023-2024 fiscal year has been of significance for our team. While there were initial delays due to the backlog, we have made significant progress in rebuilding capacity within the Finance department. Working closely with MNP, we have developed a plan to catch up and ensure that the audit for this period will be completed and fully approved by September 2025. We are confident that this will set a strong foundation for timely audits in the years to come.
Audit for 2024-2025
Looking ahead, we are committed to ensuring that the audit for the 2024-2025 fiscal year will be approved by December 2025. The steps we’ve taken to strengthen our internal processes, as well as the collaboration between our Finance team and MNP, will allow us to stay on schedule for the upcoming fiscal year.
Audit for 2025-2026
Finally, we want to reassure you that the audit for the 2025-2026 fiscal year will be completed and approved on time. Our priority is to restore full transparency and accountability to the financial operations of Cowessess First Nation, and we are confident that we are on the right track. Our plan is to share our challenges but only as a benchmark to gain the confidence of our citizens that we have identified, created and executed a plan to ensure an accurate accounting of operations.
Further, we will demonstrate how we have worked towards external financial accreditation, so we are fully prepared to expand and generate wealth as we embark on exciting economic opportunities for the benefit of all our citizens.
We want to sincerely thank you for your patience and understanding as we have worked through these challenges. We remain committed to ensuring that the financial health of our Nation is managed responsibly, and that you, the membership, are kept informed every step of the way.
Should you have any questions or need additional information, please don’t hesitate to contact our office.
Thank you for your continued support and trust.
On behalf of our Council,
Chief Erica Beaudin
Download the letter from Chief and Council regarding Audits and Approval Timelines
View approved audits on the Governance section of our website.
