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I
VANCOUVER ART GALLERY ASSOCIATION
FINANCIAL STATEMENTS
Year ended June 30, 2011
Independent Auditors’ Report
to the Members of the Vancouver Art Gallery Association
Report on the Financial Statements
We have audited the accompanying financial statements
of Vancouver Art Gallery Association, which comprise the statement of financial position as at June 30,
2011, the statements of operations, changes in net assets and cash flows for the year then ended, and
notes, comprising a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible
for the preparation and fair presentation of these financial statements in accordance with Canadian
generally accepted accounting principles, and for such internal control as management deter-
mines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial state-
ments based on our audit. We conducted our audit in accordance with Canadian generally accepted
auditing standards. Those standards require that we comply with ethical requirements and plan
and perform an audit to obtain reasonable assurance about whether the financial statements are
free from 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 our 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, we consider internal control relevant to the
entity's preparation and fair presentation of the financial statements 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.