(1) Financial statements that are required to be audited must be audited in accordance with Canadian GAAS.
(2) For financial years beginning before January 1, 2014, audited financial statements must be accompanied by an auditor’s report prepared in accordance with Canadian GAAS and the following requirements:
1. The auditor’s report must not contain a reservation or express a modified opinion.
2. The auditor’s report must identify all financial periods presented for which the auditor has issued an auditor’s report.
3. If the investment fund has changed its auditor and a comparative period presented in the financial statements was audited by a different auditor, the auditor’s report must refer to the former auditor’s report on the comparative period.
4. The auditor’s report must identify the auditing standards used to conduct the audit and the accounting principles used to prepare the financial statements.
(3) For financial years beginning on or after January 1, 2014, audited financial statements must be accompanied by an auditor’s report prepared in accordance with Canadian GAAS and the following requirements:
1. The auditor’s report expresses an unmodified opinion.
2. The auditor’s report identifies all financial periods presented for which the auditor has issued an auditor’s report.
3. The auditor’s report is in the form specified by Canadian GAAS for an audit of financial statements prepared in accordance with a fair presentation framework.
4. The auditor’s report refers to IFRS as the applicable fair presentation framework.
5. If the investment fund has changed its auditor and a comparative period presented in the financial statements was audited by a predecessor auditor, the financial statements are accompanied by the predecessor auditor’s report on the comparative period or the auditor’s report refers to the predecessor auditor’s report on the comparative period.