FORM 20-F/A Brookfield Property Partners L.P. - Brookfield Asset ...

Report of Independent Registered Chartered AccountantsTo the Board of Directors ofBrookfield Asset Management Inc.We have audited the accompanying carve-out financial statements of the Commercial Property Operations ofBrookfield Asset Management Inc. (the “Business”), which comprise the carve-out balance sheets as atDecember 31, 2011 and December 31, 2010, and the carve-out statements of income (loss), comprehensiveincome (loss), changes in equity and cashflow for each of the years in the three-year period ended December 31,2011, and the notes to the carve-out financial statements. Our audit also included a supplemental schedule ofinvestment property information as at December 31, 2011 (the “Schedule”).Management’s Responsibility for the Carve-out Financial Statements and the ScheduleManagement is responsible for the preparation and fair presentation of these carve-out financial statements inaccordance with International Financial Reporting Standards as issued by the International Accounting StandardsBoard and the Schedule, and for such internal control as management determines is necessary to enable thepreparation of carve-out financial statements and the Schedule that are free from material misstatement, whetherdue to fraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on these carve-out financial statements and the Schedule based on ouraudits. We conducted our audits in accordance with Canadian generally accepted auditing standards and thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whetherthe carve-out financial statements and the Schedule are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thecarve-out financial statements and the Schedule. The procedures selected depend on the auditor’s judgment,including the assessment of the risks of material misstatement of the carve-out financial statements and theSchedule, whether due to fraud or error. In making those risk assessments, the auditor considers internal controlrelevant to the entity’s preparation and fair presentation of the carve-out financial statements and the Schedule inorder to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by management, as well asevaluating the overall presentation of the carve-out financial statements and the Schedule.We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basisfor our audit opinion.OpinionIn our opinion, the carve-out financial statements present fairly, in all material respects, the financial position ofthe Business as at December 31, 2011 and December 31, 2010 and its financial performance and cashflows foreach of the years in the three-year period ended December 31, 2011 in accordance with International FinancialReporting Standards as issued by the International Accounting Standards Board. Also, in our opinion, theSchedule, when considered in relation to the carve-out financial statements taken as a whole, presents fairly in allmaterial respects the information set forth therein./s/ Deloitte & Touche LLPIndependent Registered Chartered AccountantsLicensed Public AccountantsToronto, CanadaApril 9, 2012F-3