Controls and Procedures
As a public entity we must take every step to ensure that material information regarding our reports filed or submitted under securities legislation fairly presents the financial information of YPG. Responsibility for this resides with management, including the President and Chief Executive Officer and the interim Chief Financial Officer. Management is responsible for establishing, maintaining and evaluating disclosure controls and procedures, as well as internal control over financial reporting.
Disclosure Controls and Procedures (DC&P)
The evaluation of the effectiveness of DC&P as defined in National Instrument 52-109 was performed under the supervision of the President and Chief Executive Officer and the Interim Chief Financial Officer. They concluded that these disclosure controls and procedures were adequate and effective, as at December 31, 2011. YPG’s management can therefore provide reasonable assurance that it receives material information relating to the company in a timely manner so that it can provide investors with complete and reliable information.
Internal Control over Financial Reporting (ICFR)
Management has designed ICFR to provide reasonable assurance that our financial reporting is reliable and that our consolidated financial statements were prepared in accordance with IFRS. The design and effectiveness of ICFR were evaluated as defined in National Instruments 52-109 under the supervision of the President and Chief Executive Officer and Interim Chief Financial Officer. Based on the evaluations, they concluded that the ICFR is adequate and effective to provide such assurance as at December 31, 2011.
Management also concluded that during the fourth quarter ended December 31, 2011, no changes were made to ICFR that would have materially affected, or would be reasonably considered to materially affect, these controls.