Financial Statements and Notes - Canadian Oil Sands
Financial Statements and Notes - Canadian Oil Sands
Financial Statements and Notes - Canadian Oil Sands
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AUDITORS’ REPORT<br />
To the Unitholders of<br />
<strong>Canadian</strong> <strong>Oil</strong> S<strong>and</strong>s Trust<br />
We have audited the consolidated balance sheets of <strong>Canadian</strong> <strong>Oil</strong> S<strong>and</strong>s Trust as at December 31,<br />
2003 <strong>and</strong> 2002 <strong>and</strong> the consolidated statements of income <strong>and</strong> Unitholders’ equity <strong>and</strong> cash<br />
flows for the years then ended. These consolidated financial statements are the responsibility<br />
of the Trust’s management. Our responsibility is to express an opinion on these financial<br />
statements based on our audits.<br />
We conducted our audits in accordance with <strong>Canadian</strong> generally accepted auditing st<strong>and</strong>ards.<br />
Those st<strong>and</strong>ards require that we plan <strong>and</strong> perform an audit to obtain reasonable assurance<br />
whether the consolidated financial statements are free of material misstatement. An audit includes<br />
examining, on a test basis, evidence supporting the amounts <strong>and</strong> disclosures in the financial<br />
statements. An audit also includes assessing the accounting principles used <strong>and</strong> significant<br />
estimates made by management, as well as evaluating the overall financial statement presentation.<br />
In our opinion, these consolidated financial statements present fairly, in all material respects,<br />
the financial position of the Trust as at December 31, 2003 <strong>and</strong> 2002 <strong>and</strong> the results of its<br />
operations <strong>and</strong> its cash flows for the years then ended in accordance with <strong>Canadian</strong> generally<br />
accepted accounting principles.<br />
Chartered Accountants<br />
Calgary, Alberta<br />
January 22, 2004,<br />
except as to Note 20(c)<br />
which is as of March 4, 2004<br />
51<br />
Auditor’s Report