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Project Dollarama

3 4 opine on the fair presentation of the audited

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3. 4 Opine on the fair presentation of the audited consolidated financial statements to be issued. 3. 5 Provide our recommendations with regard to controls and administrative efficiencies. Our anticipated timeline for completion of the audit engagement is as follows: COMMUNICATION DATE Year-end field work January 29, 2012 Draft year-end consolidated financial statements to management April 10, 2012 Report of the Audit Findings to the Audit Committee April 10, 2012 Release of the final year-end consolidated financial statements April 10, 2012 Issuance of Management Letter April 10, 2012 We have assembled an audit team who understands the Company, your business, and your industry. They are: Engagement Partner - Cindy Chiu, CPA, CGA Concurring Partner - Michael Weisserman, CA Tax Manager - Sherry Malinsky, CGA Engagement Manager - Amrit Deol, CPA, CGA auditor Professional standards require that we obtain sufficient information to evaluate complex, difficult, or contentious matters. In that regard, our audit team may also include other C&W professionals whose consultation may be obtained in order to resolve any matters identified during our engagement. 4. Audit Hours and Fees Our estimated audit fee for the year ended January 29, 2012, exclusive of applicable taxes and disbursements, is $35,000. 5. New and Proposed Reporting and Auditing Developments We would like to bring to your attention the following accounting and auditing developments, which may have some impact on your financial reporting. "We are - the relationship you can count on" - Chiu & Weisserman, LLP
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Management Commentary (IFRS Practice Statement) The International Accounting Standards Board (“IASB”) issued an IFRS Practice Statement in December 2010 which provides a broad, non-binding framework to address the presentation of management commentary related to financial statements that have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Practice Statement sets out the principles, qualitative characteristics and elements of management commentary that are necessary to provide users of financial reports with useful information. It is for the management of an entity to decide how to best apply this framework in the particular circumstances of its business. The form and content of management commentary may vary by entity, thus the Practice Statement provides a flexible approach allowing entities to adapt the information they provide to the particular business, legal and economic circumstances of their jurisdiction. The Practice Statement is not an IFRS and as such entities are not required to comply with the Practice Statement in order to comply with IFRS. An entity may choose to apply this Practice Statement to management commentary presented prospectively from December 8, 2010. 6. Auditor Independence
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