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PricewaterhouseCoopers LLP

128 4th Avenue South, Suite 600, Saskatoon, Saskatchewan, Canada S7K 1M8

T:

+1 306 668 5900

, F:

+1 306 652 1315

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

March 22, 2017

Independent Auditor’s Report

To the Members of

Saskatchewan Association for Resource Recovery Corp.

We have audited the accompanying financial statements of Saskatchewan Association for Resource

Recovery Corp., which comprise the statement of financial position as at December 31, 2016 and the

statements of operations and changes in net assets and cash flows

for the year then ended and related

notes including a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in

accordance with Canadian accounting standards for not-for-profit organizations, and for such internal

control as management determines is necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted

our audit in accordance with Canadian generally accepted auditing standards. Those standards require

that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance

about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in

the financial statements. The procedures selected depend on the auditor’s judgment, including the

assessment of the risks of material misstatement of the financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal control relevant to the entity’s

preparation and fair presentation of the financial statements in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of

the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies

used and the reasonableness of accounting estimates made by management, as well as evaluating the

overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of

Saskatchewan Association for Resource Recovery Corp. as at December 31, 2016 and its financial

performance and cash flows for the year then ended in accordance with Canadian accounting standards

for not-for-profit organizations.

Chartered Professional Accountants

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