Experts

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---
schema: foundry-doc-v1
title: "Experts"
slug: experts
category: governance
type: topic
content_type: topic
quality: complete
short_description: "Named experts disclosure: the auditor of record, external legal counsel, and independent appraisers whose reports are referenced in offering materials."
status: active
audience: public
bcsc_class: public-disclosure-safe
language_protocol: PROSE-TOPIC
last_edited: 2026-07-03
editor: pointsav-engineering
paired_with: experts.es.md
---

Where an offering document or continuous disclosure filing includes or refers to a report,
opinion, or valuation prepared by a third-party professional, applicable securities law
requires the issuer to identify that expert, describe the interest the expert holds in the
issuer, if any, and confirm that the expert has consented to the use of their report. This is
the standard experts disclosure item that appears in an annual information form or prospectus.

## Categories of expert relied upon

**Auditor of record.** The auditor of record is the independent external accounting firm
engaged to audit the annual financial statements and to review the interim financial
statements of the reporting issuer, in accordance with the requirements described in
[[auditors-transfer-agent-registrar|Auditors, Transfer Agent, and Registrar]]. The auditor's report is included with the
annual financial statements filed on SEDAR+, and the auditor's consent to the inclusion of its
report is obtained and disclosed as required.

**External legal counsel.** Where a legal opinion — on the validity of the securities being
distributed, on the tax treatment of a specific structure, or on another matter material to an
offering — is included in or referred to by an offering document, the law firm providing that
opinion is disclosed as an expert, together with a description of the opinion's scope and any
limitations on its use.

**Independent appraiser.** Where a property valuation or appraisal prepared by an independent
third-party appraiser is referred to in a disclosure document — for example, in support of a
stated property value used in the [[cre-financial-metrics|net asset value]] calculation described in
Commercial Real Estate Financial Metrics — the appraiser is disclosed as an expert, along with
the date of the appraisal and the valuation methodology applied.

## Consent and independence

An expert's report may not be included in, or referred to by, an offering document without the
expert's consent, and the expert must confirm that no material change has occurred between the
date of the report and the date of the filing that would make the report misleading. Auditor
independence specifically is governed by the requirements described in [[audit-committee-mandate|Audit
Committee Mandate]], which sets out the relationships that would disqualify an accounting firm
from serving as independent auditor.

## Role-based disclosure in this wiki

This wiki identifies experts by role — auditor of record, external legal counsel, independent
appraiser — rather than by firm name, because the specific firm engaged for a given engagement
can change between reporting periods and is disclosed at the time of the relevant filing. The
authoritative record of which named firm serves in each role for a given reporting period is
the applicable annual information form or prospectus filed on SEDAR+ or the equivalent registry
in the applicable jurisdiction, not this wiki.

## See also

- [[auditors-transfer-agent-registrar|Auditors, Transfer Agent, and Registrar]] — the ongoing operational roles held by the auditor
- [[audit-committee-mandate|Audit Committee Mandate]] — the board oversight of auditor independence and appointment
- [[material-contracts|Material Contracts]] — disclosure of agreements with service providers, where material