Content
Controls & Procedures
Disclosure Controls & Procedures
Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in reports filed with, or submitted to, securities regulatory authorities is recorded, processed, summarized and reported within the time periods specified under Canadian securities law. Based on the requirements of National Instrument 52-109 of the Canadian Securities Administrators, EMSI, the Administrator of the Fund, under the supervision of the President and Chief Financial Officer of the Administrator, evaluated the effectiveness of the Fund’s disclosure controls and procedures (as defined in National Instrument 52-109). Based on that evaluation, EMSI concluded that the Fund’s disclosure controls and procedures were effective as of December 31, 2008.
Management’s Report on Internal Controls over Financial Reporting
The Administrator of the Fund is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in the rule of the Canadian Securities Administrators. The Fund’s internal control over financial reporting is a process designed, under the supervision and with the participation of executive and financial officers of the Administrator of the Fund, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external reporting purposes in accordance with GAAP.
The Company’s internal control over financial reporting includes policies and procedures that:
- Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets of the Fund;
- Provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles; and - Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Fund’s assets that could have a material effect on the financial statements.
The Fund’s internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Fund’s policies and procedures.
The Administrator of the Fund assessed the effectiveness of the Fund’s internal control over financial reporting as of December 31, 2008, based on the framework established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, the Administrator concluded that the Fund maintained effective internal control over financial reporting as of December 31, 2008.
During the year ended December 31, 2008, there has been no change in the Fund’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.