8. Controls and Procedures
In order to ensure that information with regard to reports filed or submitted under securities legislation present fairly in all material respects the financial information of YPG, management including the President and Chief Executive Officer and the Executive Vice President – Corporate Services and Chief Financial Officer are responsible for establishing and maintaining disclosure controls and procedures, as well as internal control over financial reporting.
Disclosure Controls and Procedures
In fiscal 2006, an evaluation of the effectiveness of our disclosure controls and procedures as defined in Multilateral Instrument 52-109 was performed under the supervision of the President and Chief Executive Officer and the Executive Vice President – Corporate Services and Chief Financial Officer who attested that the design and operation of these disclosure controls and procedures were effective, as at December 31, 2006. YPG's management can therefore provide reasonable assurance that material information relating to the corporation is reported to it in a timely manner so that it can provide investors with complete and reliable information.
Internal Controls over Financial Reporting
During fiscal 2006, YPG continued the documentation and assessment of the design of internal controls over financial reporting for its operating and accounting processes. Similar to the evaluation of disclosure controls and procedures referred to above, the design of internal controls over financial reporting was evaluated as defined in Multilateral Instrument 52-109. Based on the results of this evaluation, the President and Chief Executive Officer and the Executive Vice President – Corporate Services and Chief Financial Officer attested that the internal controls over financial reporting are designed to provide reasonable assurance that its financial reporting is reliable and that YPG's consolidated financial statements were prepared in accordance with Canadian GAAP.
For businesses acquired during the course of 2006, the design of internal controls over financial reporting will be finalized in fiscal 2007 following the completion of restructuring and integration initiatives. Documentation and assessment of the design of internal control over financial reporting for newly acquired businesses will be finalized as defined in Multinational Instrument 52-109 during 2007.
Management also concluded that during the fiscal year ended December 31, 2006, no changes were made to internal controls over financial reporting that would have materially affected, or would be reasonably considered to materially affect these controls.
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