- 371 -
again, part of that was based upon the process that I believed that we were in. I
believed that we were in a settlement resolution process for which our records would
facilitate that settlement. If I were to undertake an examination of the income tax
records, knowing that they would not be particularly useful to me, I could spend,
easily, a week of time on financial records that would add absolutely nothing to my
examination. All they would do is add cost to the process. I was certainly not
interested in adding cost to the client or to the Crown or -- in the examination of
material that would not be particularly -- found to be particularly relevant to the
determination of reasonable compensation.
Q.
A.
Q.
My question was, you assumed all that without even looking at them, correct?
I made a judgement that that was the appropriate thing to do, and that's what I did.
You assumed that the statements were not particularly useful and that they were
misleading without even having looked at them, isn't that true?
A.
I chose not to use the financial statements based on the information I had at hand
and my professional experience in the use or non-use of income tax records and
knowing what their limitations were and the process that we were involved in, which
was not to accumulate a lot of excess professional costs in arriving at a process of
settlement. There is no simple answer to your question. It's not a matter of making
an assumption and acting on that assumption. It's a matter of having professional
experience in these matters and saying this is not a case in which, in my judgement,
it is appropriate to spend a great deal of time examining farm financial information
which, in the end, you will discount.
Q.
A.
There's really no expense at all involved in asking to see financial statements to
determine whether they are going to be useful or not, is there?
There is no expense in asking to see the statements. The expense comes in
examining them. You cannot ask -- you can't reasonably ask someone to provide --
because the provision of statements, financial statements and other supporting
information, is not a costless process. It involves someone -- someone's time, and in
the case of an incorporated farm someone's accountant's time. So you are
accumulating costs both for yourself and for the client that someone is going to be --
is going to be responsible for. And if it's inappropriate to use it, then at some stage
you have to say, well, no, I won't -- I will or I will not use those. And I made the
judgement that, no, I wouldn't.
Q.
And you wouldn't have known that that exercise to analyze those financial
statements for this particular company would be required unless you actually saw
those financial statements. Correct?
A.
Q.
A.
Q.
Are you entering that as evidence or are you asking me to?
Do you disagree with that?
I don't agree with you.
You disagree with that?
Document: EF315732765317252AEE096592BB9CF7.TMP