In the first Phase of the audit, announced in December, the AG looked at the WCB’s governance practices and long-term financial sustainability.
“The Workers’ Compensation Board’s funding strategy has allowed the board to move from roughly 40 per cent funded 20 years ago to nearly 90 per cent today. This has been a significant turn-around for an organization that faced serious issues from a financial perspective.” Auditor General Michael Pickup.
|In the first Phase of the audit, announced in December 2018, the OAG looked at the WCB’s governance practices and long-term financial sustainability.
The audit examined governance practices and plans for long-term sustainability at the Workers’ Compensation Board.
The audit was positive. It found that our Board of Directors “has governance structures and processes in place to provide oversight and accountability in support of the achievement of the Workers’ Compensation Board’s goals and objectives.” It pointed out minor improvements that were needed.
The same phase of the audit spoke to our long-term progress in financial sustainability.
An update of our progress on Phase 1 recommendations, was provided to the OAG in December 2019.
Nova Scotia’s Office of the Auditor General (OAG) News release