Mr. Speaker, the hon. member has raised the matter of a special examination by the auditor general of the Cape Breton Development Corporation.
Let me begin by saying that I, and I believe all members, share a concern for the Cape Breton region. All of us want to see successes on the island. I believe that Devco can be a success and I have confidence in the management and employees of the corporation to achieve this.
To return to the audit, according to the Financial Administration Act, all crown corporations must undergo a special examination at least once every five years. The purpose of this examination is to determine if the corporation's financial and management controls, information systems and management practices are acceptable.
These systems and practices should provide reasonable assurance that the assets of the corporation are safeguarded and controlled; the financial, human and physical resources of the corporation are managed economically and efficiently; and the operations of the corporation are carried out effectively.
The auditor general's examiner has indicated to Devco that he expects to submit his report to Devco's board of directors soon.
As I understand the process, if the auditor general's office believes the report contains information that should be brought to the attention of Parliament, his office would prepare a report for inclusion in the next annual report of the corporation. Mr. Desautels, like every previous auditor general, will not be reluctant to bring forward any concerns he might have.
To repeat, Devco has not yet received the report of the special examination. Until this happens, I cannot speculate on next steps by the auditor general's office or possible reaction by the government.
Now I would like to mention some of the ways in which Devco has established public accountability. Like all crown corporations, Devco prepares an annual report that is tabled in Parliament. In addition, Devco produces quarterly performance reports which are made public. As well, Devco has established the practice of consulting at least twice annually with its various stakeholders. Finally—