AUDIT COMMITTEE BRIEFING
Falcon Creek Resources Inc.
TSX-V:FCR · Fiscal period ending 2026-03-31 · July 9, 2026
Readiness
64/ 100
Peer median
71/ 100
Critical
2
High
5
Fee impact (est.)
$201,450
Since last meeting
New findings
+3
Remediated
+2
Critical still open
2
Readiness change
+6
Top 3 matters for discussion
- criticalITGC walkthrough missing for post-cutover ERP environment
Walk us through the design and operating effectiveness of access, change management, and computer operations over the new ERP. What controls migrated and which are new?
CAS 315 (Revised)CAS 330 - criticalTwo prior-year CAS 265 significant deficiencies remain open
What did management do this year to address the two prior-year significant deficiencies? Show the remediation evidence and operating-effectiveness testing.
CAS 265 - highBank confirmations not yet requested for three accounts opened in Q3
Are bank confirmations out for every account open during the year? When were they sent and what is the response status?
CAS 505
Decisions for the committee
- ●Approve the auditor non-audit-services pre-approval matrix for FY2026 (NI 52-110 §2.4).
- ●Confirm management's going-concern assessment and the basis-of-preparation note.
What's coming next quarter
- →Q1 readiness pulse refresh and CAS 540 (Revised) estimate inventory.
- →ICFR walkthroughs for the post-cutover ERP environment.
- →Auditor scoping conversation for the year-end fieldwork plan.