The financial statements have been prepared by College officials who are responsible for the statements’ integrity and objectivity. To fulfill this responsibility, the College maintains policies, procedures and systems of internal control to ensure that its reporting practices and accounting and administrative procedures are appropriate.
The policies and procedures are designed to provide reasonable assurance that the College’s financial information is relevant and reliable. These financial statements have been prepared in conformity with Canadian accounting standards for not-for-profit organizations and, where appropriate, reflect estimates based on the College’s judgment.
The financial statements have been examined by the Finance Committee, which meets regularly with the auditors and College officials to review their activities and to report to Council. The auditors have direct and full access to the Finance Committee and meet with the committee both with and without College officials present. The Council, through its Finance Committee, oversees management’s financial reporting responsibilities and is responsible for reviewing and approving the financial statements.
KPMG, the independent auditing firm appointed by Council, has examined the financial statements of the College in accordance with generally accepted auditing standards and has expressed its opinion on the financial statements. Its report follows.