Financial statements, March 31, 2014

2. Independent auditors' report

Date: May 23, 2014

We have audited the accompanying financial statements of the Canadian Grain Commission Revolving Fund, which comprise the statement of financial position as at March 31, 2014 and the statements of operations, accumulated surplus and cash flow for the year then ended, and the related notes, which comprise a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Section 6.4 of the Treasury Board of Canada’s Policy on Special Revenue Spending Authorities, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Canadian Grain Commission Revolving Fund as at March 31, 2014 and the results of its operations and its cash flow for the year then ended in accordance with Section 6.4 of the Treasury Board of Canada’s Policy on Special Revenue Spending Authorities.

Emphasis of matter

Without modifying our opinion, we draw attention to note 2 to the financial statements, which describes the basis of accounting. The financial statements are prepared solely for the information and use of the Canadian Grain Commission and the Treasury Board of Canada for reporting on the use of the Fund’s authority. The financial statements are not intended to be and should not be used by anyone other than the specified users or for any other purpose.

Other matter

The financial statements of the Canadian Grain Commission Revolving Fund for the year ended March 31, 2013 were audited by another auditor whose report, dated May 21, 2013, expressed an unmodified opinion on those statements.

PricewaterhouseCoopers LLP
Chartered Professional Accountants, Licensed Public Accountants