SYS heads up statement on:

• 5-part series on the SYSRC accounting and financial system review including the long-standing request for a forensic audit
• Important comments on the Audited Financial Statements at the end of this statement:

Dear Residents of SYSRC:

We have just completed a review of SYSRC’s accounting and financial system.  The review includes a determination on whether there is a need for a forensic audit or not.  This was performed by a firm of chartered accountants.

This review should not come as a surprise as I have mentioned it either in passing or very specifically in statements to you on at least four occasions:

• November 12^th
• November 24^th
• December 15^th
• January 28^th (this statement very explicitly detailed the work we were doing)

In the next two days we will post two statements on the conclusion of the review. They will consist of one statement containing the first four-parts (to be posted on Wednesday) and a statement on the fifth part (to be posted on Thursday). This fifth part will be the review’s full report.

The four parts are as follows:

• Part 1: Context setting
• Part 2: Introducing the procurement process, the service provider and fees and an overview of their work
• Part 3: High level findings from the review
• Part 4: 90-day plan to implement a solid financial and accounting system
• Part 5: A link to the full report

I invite you to fully read the posts.

Incidentally, I understand there are public questions on the audited financial statements more specifically that I had not announced they would be done.  I refer you to my Statement of December 4^th 2025, in which I informed you that we would start the work on the audited financial statements in the next one or two weeks from there…which we did. The results will be posted when the statements are ready.

I have been very transparent with everyone since day one.  My view is that once I state publicly that we would be doing work on an item, my obligation to next comment on that work again would be once the work is done, unless there was a stage in the work that was an important milestone or that there was a change of plan.

My commitment to you from the start was that I would give you heads up on important work to come so there would be no surprises and that I would communicate the conclusion of that work. I feel I have met that commitment.

Don Ferguson
SYSRC Supervisor