Management's Responsibility for Financial Information The accompanying consolidated financial statements and all information in the Annual Report have been prepared by management and approved by the Board of Directors of the Canadian Standards Association. The consolidated financial statements were prepared in accordance with Canadian generally accepted accounting principles ["GAAP"] and, where appropriate, reflect management's best estimates and judgments. Management is responsible for the accuracy, integrity and objectivity of the consolidated financial statements within reasonable limits of materiality. To assist management in the discharge of these responsibilities, the Association maintains a system of internal controls designed to provide reasonable assurance that its accounting records are reliable and its assets are safeguarded. The Audit Committee, which is composed exclusively of outside directors, is appointed by the Board of Directors. The Audit Committee meets with management as well as with external auditors to satisfy itself that management is properly discharging its financial reporting responsibilities and to review the consolidated financial statements and the independent auditors' report. The Audit Committee reports its findings to the Board of Directors for consideration in approving the consolidated financial statements for presentation to the membership. The external auditors have direct access to the Audit Committee of the Board of Directors. The consolidated financial statements have been independently audited by Ernst & Young LLP on behalf of the membership, in accordance with Canadian GAAP. Their report outlines the nature of their audit and expresses their opinion on the consolidated financial statements of the Association. Robert M. Griffin Duncan H. Cowie President and CEO Vice President, Finance April 29, 2005 April 29, 2005 © Copyright 2005 Canadian Standards Association. All rights reserved.