ANNUAL REPORT 2008/09 - BC Transit

ABCDKPMG LLPChartered AccountantsSt. Andrew’s Square II Telephone (250) 480-3500800-730 View Street Telefax (250) 480-3539Victoria BC V8W 3Y7 Internet www.kpmg.caAUDITORS' REPORTTo the Members of the Board of Directors ofBritish Columbia TransitWe have audited the balance sheet of British Columbia Transit as at March 31, 2009 and thestatements of operations, changes in net assets and cash flows for the year then ended. Thesefinancial statements are the responsibility of the company’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.We conducted our audit in accordance with Canadian generally accepted auditing standards. Thosestandards require that we plan and perform an audit to obtain reasonable assurance whether thefinancial 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 includesassessing the accounting principles used and significant estimates made by management, as well asevaluating the overall financial statement presentation.In our opinion, these financial statements present fairly, in all material respects, the financial positionof the company as at March 31, 2009 and the results of its operations and its cash flows for the yearthen ended in accordance with Canadian generally accepted accounting principles.Chartered AccountantsVictoria, CanadaMay 22, 200934BC TRANSIT 2008/09 ANNUAL REPORT