Financial Statements
Independent Auditor ’ s Report continued
Auditor ’ s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement , whether due to fraud or error , and to issue an auditor ’ s report that includes our opinion . Reasonable assurance is a high level of assurance , but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists . Misstatements can arise from fraud or error and are considered material if , individually or in the aggregate , they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements .
As part of an audit in accordance with Canadian generally accepted auditing standards , we exercise professional judgment and maintain professional skepticism throughout the audit . We also :
• Identify and assess the risks of material misstatement of the consolidated financial statements , whether due to fraud or error , design and perform audit procedures responsive to those risks , and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion . The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error , as fraud may involve collusion , forgery , intentional omissions , misrepresentations , or the override of internal control .
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances , but not for the purpose of expressing an opinion on the effectiveness of the Association ’ s internal control .
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management .
• Conclude on the appropriateness of management ’ s use of the going concern basis of accounting and , based on the audit evidence obtained , whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Association ’ s ability to continue as a going concern . If we conclude that a material uncertainty exists , we are required to draw attention in our auditor ’ s report to the related disclosures in the consolidated financial statements or , if such disclosures are inadequate , to modify our opinion . Our conclusions are based on the audit evidence obtained up to the date of our auditor ’ s report . However , future events or conditions may cause the Association to cease to continue as a going concern .
• Evaluate the overall presentation , structure and content of the consolidated financial statements , including the disclosures , and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation .
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Association to express an opinion on the consolidated financial statements . We are responsible for the direction , supervision and performance of the group audit . We remain solely responsible for our audit opinion .
We communicate with those charged with governance regarding , among other matters , the planned scope and timing of the audit and significant audit findings , including any significant deficiencies in internal control that we identify during our audit .
Chartered Professional Accountants
Winnipeg , Manitoba April 12 , 2021
Annual Report-2020 Year in Review 23