INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF
GRENADA PUBLIC SERVICE (CO-OPERATIVE) CREDIT UNION LIMITED
We have audited the accompanying financial statements of the Credit Union which comprise the statement of financial position at
31st December, 2013 and the related statement of comprehensive income and cash flows for the year then ended and a summary of
significant accounting policies and other explanatory notes.
Responsibility for the Financial Statements
Those charged with governance are responsible for the preparation and fair presentation of these financial statements in accordance
with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal
controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether
due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable
in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity’s preparation and fair presentation of the financial statement 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 entity’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit.
Opinion
In our opinion, the accompanying financial statements present fairly in all material respects, the financial position of the Credit Union
as of 31st December, 2013 and of its financial performance and its cash flows for the year then ended in accordance with Interna
tional Financial Reporting Standards.
GRENADA:
March 17th, 2014
Accountants & business advisers:
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