Shaw 2009 Annual Report Download - page 59

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Shaw Communications Inc.
INDEPENDENT AUDITORS’ REPORT ON FINANCIAL STATEMENTS
Under Canadian Generally Accepted Auditing Standards and the Standards of the Public Company Accounting Oversight Board (United States)
To the Shareholders of
Shaw Communications Inc.
We have audited the Consolidated Balance Sheets of Shaw Communications Inc. as at August 31,
2009, and 2008 and the Consolidated Statements of Income and Retained Earnings (Deficit),
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) and Cash Flows for
each of the years in the three-year period ended August 31, 2009. These financial statements are
the responsibility of the Company’s management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with Canadian Generally Accepted Auditing Standards and
the standards of the Public Company Accounting Oversight Board (United States). 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. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, these Consolidated Financial Statements present fairly, in all material respects, the
financial position of Shaw Communications Inc. as at August 31, 2009 and 2008 and the results of
its operations and its cash flows for each of the years in the three-year period ended August 31,
2009 in accordance with Canadian Generally Accepted Accounting Principles.
As explained in Note 1 to the Consolidated Financial Statements, in fiscal 2009, the Company
adopted the requirements of the Canadian Institute of Chartered Accountants Handbook,
Section 3031 “Inventories”.
We have also audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), Shaw Communications Inc.’s internal control over financial
reporting as of August 31, 2009, based on criteria established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and
our report dated November 30, 2009, expressed an unqualified opinion thereon.
Calgary, Canada
November 30, 2009
Chartered Accountants
55