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 were provided.
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
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