2012 Financial Statements - Workers' Compensation Board

Responsibility for Financial Reporting
The financial statements of the Workers' Compensation Board – Alberta were prepared by management, which is
responsible for the integrity and fairness of the data presented, including significant accounting judgements and
estimates. This responsibility includes selecting appropriate accounting principles consistent with International
Financial Reporting Standards.
In discharging its responsibility for the integrity and fairness of the financial statements, management maintains
the necessary internal controls designed to provide reasonable assurance that relevant and reliable financial
information is produced and that assets are properly safeguarded. The effectiveness of controls over financial
reporting was assessed and found to provide reasonable assurance that internal controls at December 31, 2012
operated effectively with no material weaknesses in the design or operation of the controls.
The Board of Directors is responsible for overseeing management in the performance of financial reporting
responsibilities and has approved the financial statements included in the annual report.
The Board of Directors is assisted in its responsibilities by its Audit Committee. This committee reviews and
recommends approval of the financial statements and meets periodically with management, internal and external
auditors, and actuaries concerning internal controls and all other matters relating to financial reporting.
Eckler Ltd. has been appointed as the independent consulting actuary to the WCB. Their role is to complete an
independent actuarial valuation of the claim benefit liabilities included in the financial statements of the WCB
and to report thereon in accordance with generally accepted actuarial practice.
The Office of the Auditor General, the independent auditor of the WCB, has performed an independent audit
of the financial statements of the WCB in accordance with Canadian generally accepted auditing standards.
The Independent Auditor’s Report outlines the scope of this independent audit and the opinion expressed.
Bob Normand
Chair, Board of Directors
Workers’ Compensation Board – Alberta
Guy R. Kerr
President & Chief Executive Officer
Workers’ Compensation Board – Alberta
Ron J. Helmhold, CA
Chief Financial Officer
Workers’ Compensation Board – Alberta
2012 FINANCIAL STATEMENTS and notes 41