Special examinations are a form of performance audit of federal Crown corporations. Under the Financial Administration Act, federal Crown corporations are subject to a special examination at least once every 10 years.
In special examinations, examiners provides an opinion on the management of the Crown corporation as a whole. More specifically, they examine whether a Crown corporation's systems and practices provide reasonable assurance that assets are safeguarded, resources are managed economically and efficiently, and operations are carried out effectively.
PSP Investments' Special Examination led to the best possible outcome. The joint examiners, the Auditor General of Canada and Deloitte & Touche LLP, concluded: "The Corporation has maintained systems and practices to provide it with reasonable assurance that its assets are safeguarded and controlled, its resources are managed economically and efficiently, and its operations are carried out effectively."
PSP Investments is pleased with the outcome of its special examination and with the examiners' comments. Their observations included the following:
The report also provides recommendations for ongoing improvements regarding the public reporting of responsible investment activities, Board appointments, the corporation's strategic planning process and new investment activities. PSP Investments agrees with these recommendations and will be taking steps to implement them.