Quality Control Review of the Saint Lawrence Seaway Development Corporation’s Audited Financial Statements for Fiscal Years 2016 and 2015
This report presents the results of our quality control review (QCR) of the Saint Lawrence Seaway Development Corporation’s (SLSDC) audited financial statements for fiscal years 2016 and 2015. (See Note below.) Chiampou Travis Besaw & Kershner LLP (CTB&K) under contract to SLSDC, issued a clean (unmodified) audit opinion on SLSDC’s financial statements. CTB&K reported one instance of noncompliance or other matter required to be reported under Government auditing standards. Except for the three deficiencies in CTB&K’s testing or documentation discussed in our report related to the allocation of an approximate $2.9 million net surplus from the Seaway International Bridge Corporation Ltd. to SLSDC, our QCR disclosed no instances in which CTB&K did not comply, in all material respects, with auditing standards.
Note: We subsequently performed the FY 2017 audit of SLSDC’s financial statements and issued an opinion on those statements on November 8, 2017 (See report FI2018003.) During our audit, we identified errors that required corrections to SLSDC’s FY 2016 financial statements. As a result, SLSDC made two restatements to its fiscal year 2016 financial statements to (1) correct a liability reported to record certain revenues and expenses, and (2) remove “Worker’s Compensation Benefits” asset line item (this asset did not exist). SLSDC advised CTB&K about the restatements and CTB&K elected not to reissue its audit report. The restated FY 2016 financial statements are included in our FY 2017 report.