Investor Presentaiton
A-3
(iii)
(iv)
(v)
(vi)
financial information within generally accepted accounting principles that have been considered
by management and their ramifications, the selection of changes in significant accounting policies,
the method used to account for significant unusual transactions, the effect of significant
accounting policies in controversial or emerging areas, the degree of aggressiveness or
conservatism, as the case maybe, of the accounting policies adopted by the Corporation, the
process used by management in formulating particularly significant accounting estimates and the
basis for the external auditor's conclusions regarding the reasonableness of those estimates;
a review of significant adjustments arising from an audit;
a review of disagreements with management over the application of accounting policies as well as
any disclosure in the financial statements;
a review of all material off-balance sheet transactions and other relationships with non-
consolidated entities that may have a material current or future effect on the financial condition of
the Corporation including their disclosure or lack thereof in the applicable quarterly or annual
financial statements;
a review of the external auditor's suggestions for improvements to the Corporation's operations
and internal controls;
a review of the nature and size of unadjusted errors of a non-trivial amount;
(vii)
(viii)
a review to ascertain that various covenants are complied with; and
(b)
(c)
(d)
(e)
(f)
(ix)
the selection of, and changes in, accounting policies and consideration of the appropriateness of
such selections and changes.
Determine, based on its review and discussion, whether to recommend the approval by the Board of such
financial statements and the financial disclosure in any such annual information forms, earnings press
releases, prospectuses and other similar documents.
Review with management, the internal auditor and the external auditor and, if considered appropriate,
approve the release of the Corporation's quarterly financial statements and related MD&A.
Review with management, the external auditor and legal counsel, the Corporation's procedures to ensure
compliance with applicable laws and regulations, and any significant litigation, claim or other contingency,
including tax assessments, that would have a material effect upon the financial position or operating results
of the Corporation and the disclosure or impact on the results of these matters in the quarterly and annual
financial statements.
Meet with the Corporation's external auditor to review and approve their audit plan with particular
emphasis on risk factors which could lead to a material misstatement of the financial statements, the scope
and timing of the audit, the assumptions and decisions that have been made in developing the plan and co-
ordination of work between the external auditor and the internal audit department.
Review and approve estimated audit and audit-related fees and expenses for the current year. Pre approve
any significant additional audit and audit-related fees over the estimated amount. Review and approve
audit and audit-related fees and expenses for the prior year. The authority for the determination and
payment of fees to the external auditor rests solely and exclusively with the Audit Committee. The
Corporation shall ensure that funding is available to the Audit Committee for payment of compensation to
the external auditor.View entire presentation