KU Annual Report 2014 | Page 22

KU Financial Report Deloitte Touche Tohmatsu ABN 74 490 121 060 Grosvenor Place 225 George Street Sydney NSW 2000 PO Box N250 Grosvenor Place Sydney NSW 1217 Australia Tel: +61 (0) 2 9322 7000 Fax: +61 (0) 2 9322 7001 www.deloitte.com.au Independent Auditor’s Report to the members of KU Children’s Services We have audited the accompanying financial report of KU Children’s Services, which comprises the statement of financial position as at 31 December 2014, the statement of profit or loss and other comprehensive income, the statement of cash flows and the statement of changes in equity for the year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration as set out on pages 8,10 to 34. In addition, we have audited KU Children’s Services compliance with specific requirements of the Charitable Fundraising Act 1991 for the year ended 31 December 2014. Directors’ Responsibility for the Financial Report and for Compliance with the Charitable Fundraising Act 1991 The directors of the entity are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the A ustralian Charities and Not-for-profits Commission Act 2012 and for compliance with the Charitable Fundraising Act 1991. The directors are also responsible for such internal control as the directors determine is necessary to enable compliance with requirements of the Charitable Fundraising Act 1991 and the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on the entity’s compliance with specific requirements of the Charitable Fundraising Act 1991 and the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the entity has complied with specific requirements of the Charitable Fundraising Act 1991 and the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the entity’s compliance with specific requirements of the Charitable Fundraising Act 1991 and amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of non-compliance with specific requirements of the Charitable Fundraising Act 1991 and material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control, relevant to the entity’s compliance with the Charitable Fundraising Act 1991 and preparation of the financial report that gives a true and fair view, 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 the directors, as well as evaluating the overall presentation of the financial report. Inherent Limitations Because of the inherent limitations of any compliance procedure, it is possible that fraud, error, or non- compliance with the Charitable Fundraising Act 1991 may occur and not be detected. An audit is not designed to detect all weaknesses in KU Children’s Services compliance with the Charitable Fundraising Act 1991 as an audit is not performed continuously throughout the period and the tests are performed on a sample basis. Any projection of the evaluation of compliance with the Charitable Fundraising Act 1991 to future periods is subject to the risk that the procedures, may become inadequate because of changes in conditions, or that the degree of compliance with them may deteriorate. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion: (a) the financial report of KU Children’s Services is in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012, including: i. giving a true and fair view of the entity’s financial position as at 31 December 2014 and of its performance and cash flows for the year ended on that date; and ii. complying with Australian Accounting Standards – Reduced Disclosure Requirements and with Division 60 of the Australian Charities and Not-for-profits Regulation 2013; (b) the financial report agrees to the underlying financial records of KU Children’s Services, that have been maintained, in all material respects, in accordance with the Charitable Fundraising Act 1991 and its regulations for the year ended 31 December 2014; and (c) monies received by KU Children’s Services, as a result of fundraising appeals conducted during the year ended 31 December 2014, have been accounted for and applied, in all material respects, in accordance with the Charitable Fundraising Act 1991 and its regulations. DELOITTE TOUCHE TOHMATSU Gaile Pearce Partner Chartered Accountants Sydney, 16 March 2015 Liability limited by a scheme approved under Professional Standards Legislation Member of Deloitte Touche Tohmatsu Limited. 6 Member of Deloitte he Tohmatsu Limited. 119th Annual Report 2014 7 19