The public accounts are the audited consolidated financial statements of the government. The accounts summarize the financial figures of all departments and territorial corporations and give a full picture of the government's financial transactions and its financial position as at March 31st of any given year. The tabling of the public accounts prior to the business plan review is useful to standing committees as Members can compare expenditures with the original budget plans for the year.

The Standing Committee on Accountability and Oversight's Report on the Review of the Report of the Auditor General to the NWT Legislative Assembly for 1999 stated that:

The Standing Committee on Accountability and Oversight and the Auditor General noted that the government's public accounts and most of our territorial corporations' annual reports are rarely tabled in a timely manner. The public and Members of the Legislative Assembly have a need for timely, accurate and relevant information on the financial condition of the government, so they can effectively hold the government accountable for the way in which it manages and spends public money.

In light of these significant reporting and tabling issues, the Standing Committee on Accountability and Oversight, in consultation with the Auditor General's office, recommended that the tabling of the public accounts occur earlier in a phased approach with 2002-2003 and all subsequent accounts being ready for tabling no later than August 31st of the same year.

The Standing Committee on Accountability and Oversight is pleased to note that both the 2001-2002 and 2002-2003 public accounts were tabled in accordance with the agreed upon timeframe.