Form N-CEN/A - Annual Report for Registered Investment Companies: [Amend]
July 27 2023 - 9:49AM
Edgar (US Regulatory)
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Board of Directors
Sprott Focus Trust, Inc.
Toronto, Ontario, Canada
In planning and performing our
audits of the financial statements of Sprott Focus Trust, Inc. (“Fund”) as of
and for the year ended December 31, 2022, in accordance with the standards of
the Public Company Accounting Oversight Board (United States), we considered
their internal control over financial reporting, including control activities
for safeguarding securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Fund’s internal control over
financial reporting. Accordingly, we express no such opinion.
The management of the Fund is
responsible for establishing and maintaining effective internal control over
financial reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. A company’s internal control over financial
reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company’s assets that could have a
material effect on the financial statements.
Because of inherent limitations,
internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
A deficiency in internal control
over financial reporting exists when the design or operation of a control does
not allow management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely basis. A
material weakness is a deficiency, or combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the company’s annual or interim financial
statements will not be prevented or detected on a timely basis.
Board
of Directors
Sprott Focus Trust, Inc.
Page Two
Our consideration of the Fund’s
internal control over financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose all deficiencies in internal
control that might be material weaknesses under standards established by the
Public Company Accounting Oversight Board (United States). However, we noted
no deficiencies in the Fund’s internal control over financial reporting and its
operation, including controls for safeguarding securities, which we consider to
be material weaknesses, as defined above, as of December 31, 2022.
This report is intended solely for
the information and use of management, and the Board of Directors of Sprott
Focus Trust, Inc. and the Securities and Exchange Commission, and is not
intended to be and should not be used by anyone other than these specified
parties.
/s/TAIT,
WELLER & BAKER LLP
Philadelphia, Pennsylvania
February 27, 2023
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