We have audited the balance sheet of Montreal Port Corporation as December 31, 1995 and the statement of earnings, contributed capital and retained earnings and of changes in financial position for the year then ended. These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we 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 our opinion. these financial statements present fairly in all material respects, the financial position of die Corporation as at December 31, 1995 and the results of its operations and the changes in its financial position for the year then ended in accordance with generally accepted accounting principles.
Furthermore, in our opinion, the transactions of the Corporation that have come under our notice in the course of our examination of the financial statements have been, in all significant respects, in accordance with Part X of the Financial Administration Act and regulations, and with the charter and bylaws of the Corporation.
