The 1996 consolidated financial statements of the Company were prepared by management in accordance with accounting principles generally accepted in Canada. The significant accounting policies which management believes are appropriate for the Company, are described in note 2 to the consolidated financial statements. The financial information contained elsewhere in this document is consistent with that in the consolidated financial statements.
Management is responsible for the integrity and objectivity of the financial statements.
Estimates are necessary in the preparation of the statements and, based upon careful judgments, have been properly reflected in the financial statements. Management has established systems of internal control which are designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use and to produce reliable accounting records for the preparation of financial information. The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and internal control. The Board exercises its responsibilities through the Audit Committee of the Board, which is comprised of independent directors. The Audit Committee meets regularly with management and the external auditors to discuss the Company's financial reporting practices and procedures, its systems of internal accounting controls, the planned scope of the examinations by the external auditors and their findings and recommendations.