Annual Report 2016 | 33
REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANCIAL STATEMENTS
The accompanying summary financial statements, which comprise the summary statement
of financial position as at September 30, 2016, and the summary statement of operations
for the year then ended, are derived from the audited financial statements of the College of
Veterinarians of Ontario as at September 30, 2016 and for the year then ended on which we
expressed an unmodified opinion in our report dated December 1, 2016.
Those financial statements, and the summary financial statements, do not reflect the
effects of events that occurred subsequent to the date of our report on those financial
statements.
The summary financial statements do not contain all the disclosures required by Canadian
accounting standards for not-for-profit organizations. Reading the summary financial
statements, therefore, is not a substitute for reading the audited financial statements of the
College of Veterinarians of Ontario.
Management’s Responsibility for the Summarized Financial Statements
Management is responsible for the fair summarization of the audited financial statements
in accordance with the criteria disclosed in the summary financial statements.
Auditor’s Responsibility
Our responsibility is to express an opinion on the summarized financial statements based
on our procedures, which were conducted in accordance with Canadian Auditing Standard
(CAS) 810 “Engagements to Report on Summary Financial Statements”.
Opinion
In our opinion, the summary financial statements derived from the audited financial
statements of the College of Veterinarians of Ontario for the year ended September 30,
2016 are a fair summary of those financial statements, in accordance with the criteria
disclosed in the summary financial statements.
Cowperthwaite Mehta
Chartered Accountants
Licensed Public Accountants
Toronto, Ontario
November 30, 2016
Criteria Applied in
the Preparation
of the Summary
Financial Statements
The criteria applied by management in the
preparation of these summary financial
statements are as follows:
• T
he information in the summarized
financial statements is in agreement
with the related information in the
complete financial statements; and
• T
he summarized financial statements
contain all the information necessary
to avoid distorting or obscuring matters
disclosed in the complete financial
statements, including the notes therein.
Management determined that the
statement of changes in net assets and
the statement of cash flows do not provide
additional useful information, and as
such has not included them as part of the
summary financial statements.