Annual Report 2008-2009 - National Gallery of Canada

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING
The accompanying financial statements of the National Gallery of Canada (the Gallery) and all information in this annual report
are the responsibility of management. The financial statements include some amounts that are necessarily based on
management’s estimates and judgment.
The financial statements have been prepared in accordance with Canadian generally accepted accounting principles. Financial
information presented elsewhere in the annual report is consistent with that contained in the financial statements.
In discharging its responsibility for the integrity and fairness of the financial statements, management maintains financial and
management control systems and practices designed to provide reasonable assurance that transactions are authorized, assets
are safeguarded, proper records are maintained and transactions are in accordance with Part X of the Financial Administration
Act and regulations, the Museums Act, and the by-laws of the Gallery.
The Board of Trustees is responsible for ensuring that management fulfils its responsibilities for maintaining adequate control
systems and the quality of financial reporting. The Audit and Finance Committee of the Board of Trustees meets regularly with
management and internal auditors, and occasionally meets with external auditors to discuss auditing, internal controls and
other relevant financial matters. The Committee reviews the financial statements and presents its recommendation to the
Board of Trustees. The Board of Trustees approves the financial statements.
The external auditor, the Auditor General of Canada, is responsible for auditing the financial statements and for issuing her
report thereon to the Minister of Canadian Heritage and Official Languages.
Marc Mayer
Director
David A. Baxter
Deputy Director,
Administration and Finance
Ottawa, Canada
29 May 2009
74 Financial Statements