Annual Report 2016 | Page 32

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.