Financial Statements and Notes - Canadian Oil Sands

MANAGEMENT’S
REPORT
Management is responsible for the information contained in this annual report. The
consolidated financial statements have been prepared in accordance with Canadian generally
accepted accounting principles, and include amounts based on management’s informed
judgments and estimates. The financial and operating information included in this annual report
is consistent with that contained in the consolidated financial statements in all material respects.
To assist management in fulfilling its responsibilities, systems of accounting and internal controls
are maintained to provide reasonable, but not absolute, assurance that financial information
is reliable and accurate, and that assets are adequately safeguarded.
External auditors, appointed by the Unitholders, have independently examined the consolidated
financial statements and conducted a review of accounting and internal controls to the extent
required under Canadian generally accepted auditing standards. They have performed such tests
as they deemed necessary to enable them to express an opinion on these financial statements.
The Board of Directors has appointed a four-person Audit Committee, consisting of directors
who are neither employees nor officers of the Trust and all of whom are independent. It meets
regularly with management and external auditors to discuss controls over the financial reporting
process, auditing and other financial reporting matters. In addition, the Audit Committee
recommends the appointment of the Trust’s external auditors, who are elected annually by the
Trust’s Unitholders. The Audit Committee has reviewed the financial statements and the contents
of the annual report with management and the external auditors. The Board of Directors has
approved the consolidated financial statements and the management’s discussion and analysis
on the recommendation of the Audit Committee.
Marcel R. Coutu
Allen R. Hagerman, FCA
President & Chief Executive Officer
Chief Financial Officer
February 16, 2004 February 16, 2004
Canadian Oil Sands Trust Annual Report 2003