As no_bear has aptly explained, this is a non-issue and is not uncommon.
"Under Generally Accepted Auditing Standards (GAAS), the fourth standard of reporting requires that an auditor, at the conclusion of an audit, either express an opinion regarding the financial statements, taken as a whole, or issue a disclaimer of opinion. Professional standards (AU section 508.10) provide for the following audit opinions:
unqualified opinions; explanatory language added to the auditor?s standard (unqualified) report; qualified opinions; adverse opinions; and a disclaimer of opinion."
Recent reports from NovaGold and Eldorado:
NovaGold Resources Inc.
In our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as at November 30, 2007 based on criteria established in Internal Control – Integrated Framework issued by the COSO.
Yours very truly,
Chartered Accountants
Vancouver, British Columbia
March 2, 2008
CONSENT OF INDEPENDENT AUDITORS
We hereby consent to the use of our report in this Annual Report on Form 40-F of NovaGold Resources Inc. dated March 2, 2008 accompanying the consolidated financial statements, which appears in the Annual Report on Form 40F.
We also consent to the incorporation by reference of our Report in the Registration Statement on Form S-8 (No.333-136493, No. 333-134871 and No.333-11370) and on Form F-10 (No. 333-141410).
(Signed) PricewaterhouseCoopers LLP
Vancouver, British Columbia
March 2, 2008
Eldorado Gold CorporationIn our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as at December 31, 2007 based on criteria established in (Internal Control — Integrated Framework) issued by the COSO.
(Signed) PricewaterhouseCoopers LLP
Chartered Accountants
Vancouver, BC
March 27, 2008
