Auditor General of Newfoundland and Labrador, Denise Hanrahan, has issued an unqualified (clean) audit opinion of the province’s 2024-25 financial statements, known as the Public Accounts.

“I am pleased to have issued my Office’s 31st consecutive unqualified audit opinion” commented Auditor General Hanrahan. “I would like to sincerely thank my team and the team at the Office of the Comptroller General for their extreme efforts to release the province’s financial information prior to the provincial election.”

Public Accounts are prepared in accordance with the standards established for governments by the Chartered Professional Accountants of Canada. While no audit opinion is offered regarding the financial statement discussion and analysis report ‘Understanding the Financial Health of the Province of Newfoundland and Labrador,’ the Auditor General encourages the public to read that report as it provides valuable context and trend information. Specifically, this analysis report and the notes to the Consolidated Financial Statements (Volume 1 of the Public Accounts) provide details on the operating deficit of $296.6 million, net debt of $18.4 billion, and total liabilities of $34.4 billion, as well as information on the accounting treatment of the recently awarded tobacco settlement.

Insights into the 2025 Public Accounts audit, including recommendations for improvements, will be provided in the upcoming Auditor General Report on the Province’s 2025 Financial Statement Audits.

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