The consolidated financial statements are the responsibility of management and have been prepared in conformity with International Financial Reporting Standards (IFRS). Management has exercised its judgement and made best estimates when deemed appropriate. In the opinion of management, the consolidated financial statements fairly reflect the financial position and results of operations of Canadian Life and Health Insurance Compensation Corporation (“Assuris”).
Management has established and maintains a system of internal controls that provides reasonable assurance that assets are protected from unauthorized disposition and that financial records are complete and accurate. Management continually monitors the system of internal controls for compliance.
The Board of Directors is responsible for approving the financial statements. The Audit Committee of the Board, comprised of directors who are neither officers nor employees of the Corporation, oversees management’s responsibility for the financial statements and the internal control system. It meets regularly with the external auditors without the presence of management. The Audit Committee then submits its report to the Board of Directors recommending the approval of the financial statements.