Financials

Colleges and Institutes Canada

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying summarized financial statements of the Colleges and Institutes Canada are the responsibility of management. They have been derived from the Association’s complete financial statements which have been prepared in accordance with generally accepted accounting principles using information available to May 5, 2016, and management’s best estimates and judgements.

Management has developed and maintains a system of internal controls to provide reasonable assurance that all assets are safeguarded and to produce relevant, reliable and timely financial information, including the accompanying financial statements.

The Board of Directors discharges its duties relating to the financial statements primarily through the activities of its Audit Committee. The Audit Committee meets at least annually with management and the external auditors to review both the financial statements and the results of the audit examination with respect to the adequacy of internal accounting controls. The external auditors have unrestricted access to the Audit Committee. The Audit Committee also considers, for review by the Board of Directors, the engagement and re-appointment of external auditors.

The financial statements have been audited by Deloitte LLP on behalf of the membership. The Audit Committee met on May 5, 2016 and recommended them for approval to the Board of Directors. The auditors’ report outlines the scope of their audit and their unmodified opinion on the financial statements. The complete financial statements will be available following approval by the Board of Directors.

 

May 5, 2016

 

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Colleges and Institutes Canada

Summarized Statement of Financial Position

March 31, 2016, with comparative figures for 2015

 

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