The Western Investment Company of Canada Reports Financials for Year-End 2023

The Western Investment Company of Canada Limited, known as Western, provided a thorough disclosure of its financial activities and position for the years ending December 31, 2023, and 2022, as audited by an independent firm. The financial statements were formulated in accordance with International Financial Reporting Standards (IFRSs) and were said to reflect accurately the company's financial status.

Audit Overview

The independent auditor's report offered a positive opinion on the financial statements, asserting that they present a true and fair view of Western's financial condition and the results of its operations. The auditors conducted their examination per Canadian generally accepted auditing standards, assuring independence and compliance with ethical requirements.

Key Financial Highlights

One of the key audit matters involved the valuation of convertible debentures issued by the Corporation. The auditing process addressed the complexities of this valuation, including the selection of appropriate interest rates and the involvement of valuation specialists. Other information such as Management's Discussion and Analysis was also provided, although it was not audited or covered by the auditor's opinion.

Management's responsibility entailed ensuring that the financial statements were free from significant misstatements and prepared in a manner that enables reliability. They are also charged with maintaining a going concern assumption unless there are intentions to liquidate or to cease operations.

Financial Performance

The results showed a net income and comprehensive income improvement for the year 2023, compared to a net loss in the previous year. Moreover, the financial statements detailed components such as the equity, liabilities, income, and other crucial metrics highlighting the company's operational effectiveness.

The summarised financial position represented growth in total assets and a more considerable increase in shareholders' equity, reflecting a more robust financial base for the company as of December 31, 2023.

financials, audit, valuation