In 2015, the decision was made by a previous Chief Financial Officer (CFO) and supported by the Board to invest in a new and up-to-date accounting system for EC to replace the outdated ACC PAC DOS system. The implementation of the new system in 2015 was slow, and the abrupt departure of our previous CFO in March 2016 (the last month of our 2015-2016 fiscal year) made the task of implementing this new accounting system even more difficult.
The subsequent CFO inherited the task of implementing the new accounting system while simultaneously preparing for the 2015-2016 audit process. This monumental task became even more challenging, and then simply got worse with further unanticipated personnel changes. It became apparent that even with additional resources in the finance department, further reorganization was required, resulting in the hiring of our current CFO, Mike Mouat.
The Board and CEO are completely confident in Mike’s ability to get our financial systems back on track as significant progress has already been demonstrated in this regard. The immense task of updating, reconciling and consolidating our financial reporting system takes time. To date we can confirm that the EC Board received and approved a budget in April 2016, as well as an updated budget in December 2016. Furthermore, the EC Board has been fully apprised of the implementation of the new accounting system and progress the Finance Department is making on producing financials. Rest assured the financial health of the organization is not in jeopardy. The Board continues to receive regular financial information from management.
EC is obligated to produce annual financial statements audited by an independent auditor. EC has always delivered independently audited financial statements, including audited statements for the 2015-2016 operational year. These audited statements are available to the public, and together with all financial statements since 2011, can be found on the EC website at www.equestrian.ca/about/governance. EC will continue to be compliant in 2017 in delivering audited financial statements to the EC membership.
The decision to change the auditors of the corporation is a decision of the EC Voting Members. It was proposed by the Chair of the EC Audit Committee to the 27 Voting Members. During the AGM in September 2016, the Voting Members approved for the Auditors of the Corporation to be changed.
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