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On June 16, 2022, we issued an unqualified (clean) audit opinion on the Province’s Consolidated Financial Statements for the year ended March 31, 2022. A clean audit opinion means that we concluded, based on obtaining sufficient appropriate audit evidence, that the financial statements are free of material misstatements and are presented fairly in accordance with PSAS.

Key Audit Matters

Our audit of the 2021-2022 Consolidated Statements of the Province of Alberta focused on the following key risks—or those matters that, in our professional judgement, were of most significance—during our audit:

  • Alberta Petroleum Marketing Commission’s purchase of a 50 per cent interest in the North
  • West Redwater Partnership, and the related processing agreements
  • Environmental liabilities related to contaminated sites, highway maintenance yards, sand and gravel pits, and the Swan Hills treatment plant
  • The electricity rebate to Alberta’s utility rate payers
  • COVID-19 response costs and programs

The communication of key audit matters does not alter in any way our opinion about the consolidated financial statements, taken as a whole, and we are not, by communicating the key audit matters below, providing separate opinions about the key audit matters or the accounts or disclosures to which they relate.