**EXHIBIT 99.22**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Board of Directors of Cameco CorporationWe have audited management’s assessment, included in the accompanying management’s discussion andanalysis*,*that Cameco Corporation maintained effective internal control over financial reporting asof December 31, 2006, based on the criteria established in Internal Control—Integrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). TheCorporation’s management is responsible for maintaining effective internal control over financialreporting and for its assessment of the effectiveness of internal control over financial reporting.Our responsibility is to express an opinion on management’s assessment and an opinion on theeffectiveness of the Corporation’s internal control over financial reporting based on our audit.We conducted our audit in accordance with the standards of the Public Company Accounting OversightBoard (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether effective internal control over financial reporting wasmaintained in all material respects. Our audit included obtaining an understanding of internalcontrol over financial reporting, evaluating management’s assessment, testing and evaluating thedesign and operating effectiveness of internal control, and performing such other procedures as weconsidered necessary in the circumstances. We believe that our audit provides a reasonable basisfor our opinion.A company’s internal control over financial reporting is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accounting principles. Acompany’s internal control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements in accordancewith generally accepted accounting principles, and that receipts and expenditures of the companyare being made only in accordance with authorizations of management and directors of the company;and (3) provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition, use, or disposition of the company’s assets that could have a material effect on thefinancial statements.Because of its inherent limitations, internal control over financial reporting may not prevent ordetect misstatements. Also, projections of any evaluation of effectiveness to future periods aresubject to the risk that controls may become inadequate because of changes in conditions, or thatthe degree of compliance with the policies or procedures may deteriorate.In our opinion, management’s assessment that the Corporation maintained effective internal controlover financial reporting as of December 31, 2006, is fairly stated, in all material respects, basedon the criteria established in Internal Control—Integrated Framework issued by the Committee ofSponsoring Organizations of the Treadway Commission (COSO). Also, in our opinion, the Corporationmaintained, in all material respects, effective internal control over financial reporting as ofDecember 31, 2006, based on the criteria established in Internal Control—Integrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
 

 
We also have conducted our audits on the consolidated financial statements in accordance withCanadian generally accepted auditing standards. With respect to the year ended December 31, 2006,we also have conducted our audit in accordance with the standards of the Public Company AccountingOversight Board (United States). Our report dated March 16, 2007 expressed an unqualified opinionon those consolidated financial statements.Chartered Accountants*/s/ KPMG LLP*Saskatoon, CanadaMarch 16, 2007