Report of the independent auditor
To the shareholders of Robex Resources Inc.
Our opinion
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In our opinion, the accompanying consolidated financial statements present, in all material respects, the financial position of Robex Resources Inc. and its subsidiaries (collectively, the Company) as at December 31, 2022 and 2021, and its financial performance and flows
for the fiscal years then ended in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board (IFRS).
Our exam
We have audited the Company’s consolidated financial statements, which include:
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the consolidated income statements for the years ended December 31, 2022 and 2021;
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the consolidated statements of comprehensive income for the years ended December 31, 2022 and 2021;
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the consolidated statements of changes in equity for the years ended 31 December 2022 and 2021;
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the consolidated balance sheets as at December 31, 2022 and 2021;
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the consolidated statements of cash flows for the years ended December 31, 2022 and 2021;
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the accompanying notes, which contain significant accounting policies and other explanatory information.
basis of opinion
We conducted our audit in accordance with generally accepted Canadian auditing standards. Our responsibilities under these standards are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements” section of our auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
independence
We are independent of the company in accordance with the applicable ethical rules
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our audit of the consolidated financial statements in Canada. We have fulfilled our other ethical obligations under these rules.
PricewaterhouseCoopers LLP
1250 René-Lévesque Boulevard West, Suite 2500, Montreal (Quebec) Canada H3B 4Y1 Tel. : +1 514 205-5000, Fax. : +1 514 876-1502
“PwC” means PricewaterhouseCoopers LLP, an Ontario limited liability company.
Important exam matters
Particularly important audit matters are those matters which, in our professional judgment, were of most significance in the audit of the consolidated financial statements for the past financial years
December 31, 2022 and 2021. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and for the purpose of forming our opinion thereon, and we do not provide a separate opinion thereon.
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core exam question |
Treatment of the particularly important audit matter in |
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part of our exam |
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Uncertain tax positions
See Note 5 – Critical Accounting Estimates and Opinions on the Consolidated Financial Statements.
The Company is subject to income tax in many jurisdictions. Significant judgment is required to determine the amount of the total tax provision. The ultimate tax implications of many transactions
and calculations is uncertain. The entity recognizes liabilities for potential tax audit issues based on estimates of potential additional tax payments. A different tax amount arises when a tax question is finally clarified
the tax expense initially recognized, the difference in current and deferred tax assets and liabilities for the period of the final settlement is taken into account.
Estimates in relation to various tax assessments involve a degree of estimates and judgments relating to specific items, the tax treatment of which cannot be determined with certainty until the appeal process to the relevant tax authority or, where appropriate, through official court proceedings.
Our approach to solving this problem included the following procedures:
Test the global tax provision calculation, taking into account uncertain tax positions by jurisdiction and as the tax situation evolves, by doing the following:
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Evaluate the information used
the calculation of the provision, including taking into account changed facts and circumstances during the period
some practice. -
Engage experts with specialized tax knowledge and expertise to provide assistance in evaluating the company’s uncertain tax positions, including assessing the reasonableness of management’s judgment regarding the likelihood that the tax authority will accept an uncertain tax treatment that Estimate of provision and
the application of the relevant tax laws. -
Assessment of the status and the results of tax audits at the responsible tax authorities.
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Evaluate the related information in the consolidated financial statements.
The inherent uncertainty about the outcome of
These elements mean that the final decision could differ from accounting estimates, thereby affecting the Company’s financial condition, results of operations and cash flows.
We considered this matter to be a key audit matter due to the importance of management’s judgment in assessing uncertain tax positions.
This led to a high degree of judgment and subjectivity on our part in hiring
implementation of procedures. Our efforts included the use of professionals with specialized skills and knowledge of foreign taxation.
Other information
The other information is the responsibility of management. The other information consists of the management report.
Our audit opinion on the consolidated financial statements does not cover the other information and we make no representations of any kind with regard to this information.
In relation to our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, to assess whether there is a material inconsistency between them and the consolidated financial statements or our knowledge obtained in the audit, or if the other information is otherwise materially incorrect appear.
If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard.
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