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Summary

On November 2, 2012, we issued a quality control report (QCR) on Chiampou Travis Besaw & Kershner LLP’s audit of the Saint Lawrence Seaway Development Corporation’s (SLSDC) financial statements for fiscal years 2012 and 2011. The objective of the audit was to determine whether SLSDC’s financial statements were fairly presented in accordance with accounting principles generally accepted in the United States of America. Chiampou Travis Besaw & Kershner LLP issued a clean (unqualified) audit opinion on these financial statements. Chiampou Travis Besaw & Kershner LLP’s report did not include any reportable deficiencies in internal control over financial reporting. Our QCR disclosed no instances in which Chiampou Travis Besaw & Kershner LLP did not comply, in all material respects, with auditing standards.