As part of its regular business operations, the annual financial statements for Nalcor and each subsidiary are audited by an external independent auditor. Nalcor’s external independent auditor is currently Deloitte LLP (Deloitte).
In its capacity as auditor, Deloitte audits (and provides an associated audit report) for the annual financial statements (balance sheet, statement of income, statement of cash flow, and notes to the financial statements) of Nalcor and each subsidiary. This process also includes an audit of the financial statements for each of the legal entities created to develop, finance and operate the Lower Churchill Project. These documents are integrated into Nalcor’s annual report which contains an overview of the business, management discussion and analysis and the audit report and consolidated financial statements for Nalcor. Each year, Nalcor also holds an Annual General Meeting where the previous year’s performance is discussed and Nalcor responds to questions from the audience.
Deloitte offers a broad range of services in areas such as assurance and advisory, tax, risk management, business, financial and human capital consulting. Deloitte has 56 offices in Canada with approximately 8,400 partners and employees.
To complement our external Audit Practices, our Internal Audit Department provides independent, objective assurance and consulting services designed to add value and improve the organization’s operations. It helps the organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of Nalcor Energy’s governance, risk management and internal control processes.