2022-23 SGI CANADA Annual Report
Responsibility for Financial Statements
The consolidated financial statements are the responsibility of Management and have been prepared in conformity
with International Financial Reporting Standards. In the opinion of Management, the consolidated financial
statements fairly reflect the financial position, results of operations and cash flows of Saskatchewan Government
Insurance (the Corporation) within reasonable limits of materiality.
Preparation of financial information is an integral part of Management's broader responsibilities for the ongoing
operations of the Corporation. Management maintains an extensive system of internal accounting controls to ensure
that transactions are accurately recorded on a timely basis, are properly approved and result in reliable financial
statements. In this regard, an annual statement of management responsibility is provided on the following page.
In addition, the adequacy and operation of the control systems are monitored on an ongoing basis by an internal
audit department.
An actuary has been appointed by the Corporation to carry out a valuation of the policy liabilities in accordance with
accepted actuarial practice and common Canadian insurance regulatory requirements. The policy liabilities consist
of a provision for unpaid claim and adjustment expenses on the earned portion of policies and of future obligations
on the unearned portion of policies. In performing this valuation, the actuary makes assumptions as to future rates
of claim frequency and severity, inflation, reinsurance recoveries, expenses and other contingencies, taking into
consideration the circumstances of the Corporation and the nature of the insurance policies. The actuary also makes
use of Management information provided by the Corporation and the work of the external auditors in verifying the
data used in the valuation.
The consolidated financial statements have been examined and approved by the Board of Directors. An Audit,
Finance and Conduct Review Committee, composed of members of the Board of Directors, meets periodically
with financial officers of the Corporation and the external auditors. These external auditors have free access to
this Committee, without Management present, to discuss the results of their audit work and their opinion on the
adequacy of internal financial controls and the quality of financial reporting.
As appointed by the Lieutenant Governor in Council and approved by Crown Investments Corporation of
Saskatchewan, KPMG LLP have been appointed external auditors. Their responsibility is to report to the Members of
the Legislative Assembly regarding the fairness of presentation of the Corporation's financial position and results of
operations as shown in the consolidated financial statements. In carrying out their audit, the external auditors also
make use of the work of the actuary and his report on the policy liabilities. The Auditor's Report outlines the scope of
their examination and their opinion.
Jenny Ma
Penny McCune
President and Chief Executive Officer
Stype
Jeff Stepan
Chief Financial Officer
May 25, 2023
2022-23 SGI CANADA Annual Report 29View entire presentation