TORONTO, Dec. 17, 2013 /CNW/ - The Board of Directors of CaRIT Limited
in its capacity as Trustee for Canadian Resources Income Trust ("CaRIT"
or the "Trust") announced today that it has appointed
PricewaterhouseCoopers LLP (the "Successor Auditor") as the Trust's new
auditors effective December 17, 2013. PricewaterhouseCoopers LLP will
audit the Trust's financial statements for the year ended December 31,
2013. The Trust had previously engaged KPMG LLP (the "Former Auditor")
as its auditor.
The change follows a request for proposal initiated by Scotia Managed
Companies Administration Inc. (the "Administrator") in late 2012 for
all of the investment funds managed by the Administrator. Previously,
several audit firms were engaged for the investment funds (the "Funds")
managed by the Administrator. At a unitholders' meeting held today,
unitholders considered and voted in favour of authorizing the Board of
Directors to change the auditors of the Trust. Changing and
consolidating audit firms is expected to result in cost efficiencies
for the Trust.
There were no disagreements with the Former Auditor on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedure for the period that their auditing services
The Former Auditor audited the annual financial statements of the Trust
for the most recently completed fiscal year. Their audit report did not
contain any reservations and did not provide a modified opinion. There
were also no reportable events between the Trust and the Former Auditor
including disagreements, unresolved issues or consultations as defined
in National Instrument 51-102, continuous disclosure.
The resignation of the Former Auditor and the recommendation to appoint
the Successor Auditor was approved by the Audit Committee, the Board of
Directors and the Independent Review Committee of the Trust.
CaRIT is an investment trust which provides investors with high current
yield and low cost diversification through a defined portfolio of
equity securities of selected Canadian issuers focused on the natural
resource industry. Trust Units of CaRIT are listed for trading on The
Toronto Stock Exchange under the symbol RTU.UN.
SOURCE: Canadian Resources Income Trust
For further information:
Trustee of Canadian Resources Income Trust
Web site: www.scotiamanagedcompanies.com