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Interior_Annual Report 13-10-30 4:32 PM Page 67


Years ended June 30, 2013 and 2012

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 statements of financial position as at June 30,
2013, June 30, 2012 and July 1, 2011, the statements of operations, changes in net assets and cash
flows for the years ended June 30, 2013, June 30, 2012, 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
accounting standards for not-for-profit organizations, and for such internal control as management
determines 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 statements

based on our audits. We conducted our audits in accordance with Canadian generally accepted
auditing standards. Those standards require that we comply with ethical requirements and plan
Installation view of Arne Jacobsen’s Egg Chair, in Grand Hotel: Redesigning Modern Life.
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 dis-
closures 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 in our audits is sufficient and appropriate
to provide a basis for our audit opinion.

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