Financial Statements – Administered Activities

AUDITOR'S REPORT

To the Board of Management of the Canada Customs and Revenue Agency
and the Minister of National Revenue

I have audited the statement of administered assets and liabilities of the Canada Customs and Revenue Agency as at March 31, 2003 and the statements of administered revenues, administered expenses and administered cash flows for the year then ended. These financial statements are the responsibility of the Agency's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In my opinion, these financial statements present fairly, in all material respects, the assets and liabilities of the administered activities of the Canada Customs and Revenue Agency as at March 31, 2003 and the results of its administered operations and cash flows for the year then ended in accordance with the accounting policies set out in Note 2 to the financial statements.

Sheila Fraser, FCA
Auditor General of Canada

Ottawa, Canada
September 29, 2003

Date modified:

2003-10-29