Scott A. M< Leod Managing Principal James Ascanio Managing Principal To the Board of Directors Jotu! North America, inc. M�Leod IA sc 10 Certified Public Accountants Independent Auditors' Report Sally Swanson Principal Matthew R. Barbour Principal We have audited the accompanying financiai statements of Jotu! North America, lnc. which comprise the baiance sheet as of December 311 2016 and the related statements of income and retained earnings and cash flows for the year then ended and the related notes to the financial statements. Management1s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these finandal statements in accordance wilh accounting prir,cipies general accepted in the United States of America; th!s includes the de.sign� !mp!ementation, and maintenance of internal control relevant to the preparation and fair presentation of fmanclal statements that are free frorn material misstatement, whether due to fraud or error Auditors' Responsibility Our responsibility is to express an opinlon on these financia! statements based on our audiL We conducted our audit in accordance wlth auditing standards generally accepted fn the United States of America. Those standards. require lhat we plan and perfonr, the audit to obtain reasonable assurance about whether the statements are free of material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in financial statements. The prncedt.·res selected depend on the auditor's judgment, including the assessment of risks of materia! misstatement of the finandal statements, whether due to fraud or error. !n making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statemems in- order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinlon on the effectiveness of the entitls internal contrnL Accordingly, 'Ne express no such opinion. An audit also inciudes evaluating the appropriateness of accounting policies <Jsed and the reasonableness of significant accauntlng estimates made by management, as wen as evaluatlng the overall presentation of the financial srntements. Vile believe rhat the audir evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion, Opinion Ir om opinion, the fJnancia! statements referred to above present fairly, in all material respects, the financial position of Jotul North Amer':ca, inc. as of December 31, 2016 and the results of theff operations and their cash flows fot the year th1::n ended ;n accordance with accounting principles generafly accepted in the United States of Arnerica. Portland, Ma!ne February 15, 2019 MCLEOD ASCANIO s 844 STEVENS AVENUE m PORTLAND, MAINE 04103 • (207) 878-2727 • FAX (207) 553-9059
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