Management is responsible for the preparation and presentation of the accompanying consolidated financial statements and all information presented in this annual report. The statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP) as described in Note 2 to the consolidated financial statements. The financial and operating information provided throughout this annual report has been reviewed to ensure consistency with the consolidated financial statements.
Management acknowledges responsibility for the integrity of its financial information. Where appropriate, management has made informed judgments and estimates in accounting for transactions that were not complete at the balance sheet date. Management maintains a system of internal control. Policies and procedures are designed to give reasonable assurance that transactions are properly authorized, assets are safeguarded and financial records are properly maintained.
Management has prepared Management’s Discussion and Analysis (MD&A), which is based on Stoneham’s financial results prepared in accordance with Canadian GAAP. This discussion provides management’s analysis of Stoneham’s historical financial and operating results and provides estimates of Stoneham’s future financial and operating performance based on information available to March 27, 2008.
The Board of Directors has appointed an Audit Committee that consists of three independent directors. The committee meets with management and Stoneham’s external auditors, PricewaterhouseCoopers LLP, to discuss internal control, accounting policies and financial reporting matters. The Audit Committee has reviewed the consolidated financial statements. The consolidated financial statements have been approved by the Board of Directors on the recommendation of the Audit Committee.
