2005 Annual Report – "Thriving" - Royal Canadian Mint

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Audit Committee Report The Audit Committee’s (Committee) role is to act on behalf of the Board of Directors (Board) and oversee all material aspects of the Corporation’s reporting, control, and audit functions, except those specifically related to the responsibilities of another standing committee of the Board. The Committee’s role includes a particular focus on the qualitative aspects of financial reporting to the Shareholder and on the Corporation’s processes for the management of business/financial risk and for compliance with significant applicable legal, ethical, and regulatory requirements. As at December 31, 2005, the Committee is comprised of four (4) independent directors who are neither officers nor employees of the corporation. These members are: Marc Brûlé (Chair), Thomas Taylor, Keith Meagher and Richard Kwan. Also, as an Ex-officio member, is Max Lewis, Chairperson of the Board. The Board believes that the composition of the Committee reflects a high level of financial literacy and expertise. During the past fiscal year, the Committee held seven (7) meetings. In fulfilling its responsibility, the Committee: • discussed with the internal and external auditors the overall scope and specific plans for their respective audits; • discussed the Corporation’s progress, throughout the year, on their financial results and overall performance; • discussed the Corporation’s annual consolidated financial statements, accounting principles and policies, and the adequacy of the Corporation’s internal financial controls; • reviewed management’s response and in some circumstances, their actions, regarding recommendations of the internal and external auditors; and • met regularly with the Corporation’s internal and external auditors, without management present, to discuss the results of their examinations, their evaluations of the Corporation’s internal financial controls, and the overall quality of the Corporation’s financial reporting. The meetings also were designed to facilitate any private communications with the Committee that the internal or external auditors desired. J. Marc Brûlé Chair, Audit Committee 40
Auditor’s report To the Minister of Transport, Infrastructure and Communities I have audited the consolidated balance sheet of the Royal Canadian Mint as at December 31, 2005 and the consolidated statements of operations and retained earnings and cash flows for the year then ended. These financial statements are the responsibility of the Corporation's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I 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 my opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Corporation as at 31 December 2005 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. As required by the Financial Administration Act, I report that, in my opinion, these principles have been applied on a basis consistent with that of the preceding year. Further, in my opinion, the transactions of the Corporation and of its wholly-owned subsidiary that have come to my notice during my audit of the consolidated financial statements have, in all significant respects, been in accordance with Part X of the Financial Administration Act and regulations, and, as appropriate, the Royal Canadian Mint Act, the by-laws of the Corporation and the charter and the by-laws of its wholly-owned subsidiary. Sheila Fraser, FCA Auditor General of Canada Ottawa, Canada February 24, 2006 41
Page 1: THRIVING 2005 Annual Report
Page 4 and 5: Table of contents Financial and ope
Page 6 and 7: The Mint at a glance 4 BUSINESS LIN
Page 8 and 9: Message from the Chairperson I was
Page 10 and 11: Message from the President and CEO
Page 12 and 13: Performance against objectives 10 B
Page 14 and 15: As part of a new product strategy a
Page 16 and 17: In 2005, the Mint negotiated a new
Page 18 and 19: Directors and Officers Board of Dir
Page 20 and 21: Management’s discussion and analy
Page 30 and 31: � ��
Page 32 and 33: �� Managemen
Page 36 and 37: Statistics Table 2 - Canadian circu
Page 38 and 39: Statistics Canadian numismatic coin
Page 40 and 41: Statistics Table 7 - Canadian circu
Page 44 and 45: Consolidated balance sheet as at De
Page 46 and 47: Consolidated cash flow statement fo
Page 48 and 49: Notes to consolidated financial sta

2005 Annual Report – "Thriving" - Royal Canadian Mint

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