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DearFinanceCommitteemembers,Wehavepreparedthisauditfindingsreporttoassistyouwithyourreviewofthefinancialstatementsandthecarryingoutofyourfinancecommitteeresponsibilities.Weareheretohelp.Weencourageyoutoaskusformoreinformationonanyofthematterscoveredinthisreport-andbeyond.
Developmentsintheauditprofession
Aspartofourongoingefforttokeepyouinformedonissuescriticaltoyourresponsibilities,webringtoyourattentionthatthePublicCompanyAccountingOversightBoard(PCAOB)issuedtwoconceptreleases.Thefirstreleasespeakstoauditorindependence,andrequestsinputonwaysauditorindependence,objectivity,andprofessionalskepticismcouldbeenhanced.Thesecondreleasediscussesseveralalternativesforchangingtheauditor'sreportingmodelthatfocusonincreasingtransparencyandrelevancetofinancialstatementusers,whilenotcompromisingauditquality.KPMGisfullycommittedtothegoalofenhancingauditorindependence,objectivity,andprofessionalskepticism.WewillcontinuetobeactivelyengagedwiththePCAOB,CanadianPublicAccountabilityBoard,andotherregulatorybodiestopursueactionsthatwillimproveauditqualityandenhancemarketconfidenceintheindependentaudit.
Auditquality
Thequalityofanauditandtheresultingfinancialstatementsarereceivinganincreasedlevelofscrutinyaroundtheworld.AuditqualityisatthecoreofeverythingwedoatKPMG,andwebelievethatitisnotjustaboutprovidingtherightauditopinion,butalsothestepswetaketoprovidethatauditopinion.OnecomponentofoureffortsinthisareaisthedevelopmentandimplementationoftheKPMGAuditQualityFrameworktohelpensurethateverypartnerandprofessionalconcentratesonthefundamentalskillsandbehavioursrequiredtodeliveranappropriateandindependentauditopinion.Weinviteyoutoreview"KPMG'sAuditQualityFramework",summarizedintheappendicesofthisreport.
Reachingouttoaudit/financecommittees
KPMG'sAuditCommitteeInstituteholdsAuditCommitteeRoundtablesacrossthecountrytwiceyearly.Youarecordiallyinvitedtoattend.Forinformationandregistration,pleasevisitwww.kpmg.ca/auditcommittee/roundtables.html.Weappreciatetheassistanceofmanagementandstaffinconductingouraudit.Wehopethisauditfindingsreportisofassistancetoyouasyoucarryoutyouragenda,andwelookforwardtodiscussingourfindingsandansweringyourquestionsattheupcomingfinancecommitteemeeting.Yourssincerely,TomClark
 
Executive
summary3
Significantaudit,accountingandreporting
maUers4
Misstatements
14
Controldeficiencies"
15
Appendices
17
Contents
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