1999 BC Gas Utility Ltd. annual report - FortisBC

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BC GAS UTILITY LTD.
Management’s Responsibility
The consolidated financial statements have been prepared by management, which is responsible for the integrity and objectivity
of this information. These statements have been prepared in conformity with Canadian generally accepted accounting principles
and, where appropriate, include some amounts that are based on management’s best estimates and judgements. The financial
information presented elsewhere in the annual report is consistent with that in the consolidated financial statements.
Management has established systems of internal control which are designed to provide reasonable assurance that assets
are safeguarded from loss and that reliable financial records are maintained. These systems are monitored by internal auditors.
KPMG, the auditors appointed by the shareholders, have reviewed the systems of internal control and examined the consolidated
financial statements in accordance with Canadian generally accepted auditing standards to enable them to express an independent
opinion on the consolidated financial statements. Their report is set out below.
The Board of Directors, through its Audit Committee, oversees management’s responsibilities for financial reporting and internal
control. The Audit Committee meets with the internal auditors, the independent auditors and management to discuss auditing and
financial matters and to review the consolidated financial statements and the independent auditors’ report. The Audit Committee
reports its findings to the Board for consideration in approving the consolidated financial statements for issuance to the shareholders.
John M. Reid Milton C. Woensdregt
President and Chief Executive Officer Senior Vice President, Finance,
Chief Financial Officer and Treasurer
Vancouver, Canada
February 3, 2000
Auditors’ Report
We have audited the consolidated statements of financial position of BC Gas Utility Ltd. as at December 31, 1999 and 1998 and
the consolidated statements of earnings, retained earnings and cash flows for the years then ended. These financial statements
are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we
plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company
as at December 31, 1999 and 1998 and the results of its operations and its cash flows for the years then ended in accordance with
Canadian generally accepted accounting principles. As required by the Company Act (British Columbia), we report that, in our opinion,
these principles have been applied on a consistent basis.
Chartered Accountants
Vancouver, Canada
February 3, 2000