Fiscal Report 2007
View 2007 Annual Report
To the Policyholders of Prince Edward Island Mutual Insurance Company
We have audited the balance sheet of Prince Edward Island Mutual Insurance Company as at December 31, 2007 and the statements of earnings, comprehensive income, equity and cash fl ows for the year then ended. These fi nancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audit.
We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the fi nancial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi - nancial statement presentation.
In our opinion, these fi nancial statements present fairly, in all material respects, the fi nancial position of the Company as at December 31, 2007 and the results of its operations and cash fl ows for the year then ended in accordance with Canadian generally accepted accounting principles.
Grant Thornton LLP,