2004 Crown Investments Corporation of Saskatchewan Annual Report

Crown Investments Corporation of SaskatchewanConsolidated Financial StatementsResponsibility for FinancialStatementsThe accompanying Consolidated Financial Statementshave been prepared by management of CrownInvestments Corporation of Saskatchewan. They havebeen prepared in accordance with generally acceptedaccounting principles in Canada, consistently applied,using management’s best estimates and judgementswhere appropriate. Management is responsible for thereliability and integrity of the Consolidated FinancialStatements and other information contained in thisAnnual Report.The Corporation’s Board of Directors is responsible foroverseeing the business affairs of the Corporation andalso has the responsibility for approving the financialstatements. The Board of Directors is responsible forreviewing the annual financial statements and meetingwith management, the Corporation’s external auditorsKPMG, and the Provincial Auditor of Saskatchewan onmatters relating to the financial process.Management maintains a system of internal controls toensure the integrity of information that forms the basisof the financial statements. The internal controls providereasonable assurance that transactions are executed inaccordance with proper authorization, that assets areproperly guarded against unauthorized use and thatreliable records are maintained. The Provincial Auditor ofSaskatchewan has reported to the Legislative Assemblythat these controls are adequately functioning.KPMG has audited the Consolidated Financial Statements.Their report to the Members of the Legislative Assembly,stating the scope of their examination and opinion on theConsolidated Financial Statements, appears opposite.Auditors’ReportTo the Members of the Legislative Assembly ofSaskatchewanWe have audited the consolidated statement offinancial position of Crown Investments Corporationof Saskatchewan as at December 31, 2004 and theconsolidated statements of operations and retainedearnings and cash flows for the year then ended.These financial statements are the responsibility of theCorporation’s management. Our responsibility is toexpress an opinion on these financial statements based onour audit.We conducted our audit in accordance with Canadiangenerally accepted auditing standards. Those standardsrequire that we plan and perform an audit to obtainreasonable assurance whether the financial statementsare free of material misstatement. An audit includesexamining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principlesused and significant estimates made by management,as well as evaluating the overall financial statementpresentation.In our opinion, these consolidated financial statementspresent fairly, in all material respects, the financial positionof the Corporation as at December 31, 2004 and theresults of its operations and its cash flows for the year thenended in accordance with Canadian generally acceptedaccounting principles.Tom J. Waller, Q.C.President & CEOMarch 14, 2005Blair Swystun, CFAVice-President & CFOChartered AccountantsRegina, SaskatchewanMarch 14, 200563