INFC provides long-term, predictable support to help Canadians benefit from world class, modern public infrastructure. It works closely with all orders of government and other partners to enable investments in social, green and public transit and other core public infrastructure and housing, as well as trade and transportation infrastructure. Infrastructure initiatives and projects are funded through transfer payments, grants and contributions.
Departments are required to ensure that a risk-based departmental system of Internal Controls over Financial Management (ICFM) is established, monitored and maintained. This provides reasonable assurance that public resources are used prudently and in an economical manner, financial management processes are effective and efficient, and relevant legislation, regulations and financial management policy instruments are being complied with. Any control weaknesses and material unmitigated risks are identified, including risk of fraud, and prompt corrective action is taken.
The scope of services may include, but is not limited to, the development of a fraud risk framework, as well as the assessment of internal controls on one or more of the following control areas:
Budgeting and forecasting
Entity level controls
IT general controls and application controls
Cabinet submissions, costing, and CFO attestation
Transfer payments
Payroll
Capital assets
Financial reporting and financial close
Acquisition cards
Procure-to-payment
Project management
Travel, hospitality, conferences and events
