Page 73 - Vancouver Art Gallery 2014
P. 73
Interior_Annual Report 14-10-24 4:52 PM Page 71


Year ended June 30, 2014

Independent Auditors’ Report to the Members of the Vancouver Art Gallery Association

Report on the Financial Statements We have audited the accompanying financial state-
ments of Vancouver Art Gallery Association, which comprise the statements of financial position
as at June 30, 2014, 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
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 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 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 audit is sufficient and appropriate
to provide a basis for our audit opinion.

OPPOSITE: Allan McWilliams, Sculpture #1 , 2012, aluminum, Collection of the Vancouver Art Gallery, Acquisition Fund

   68   69   70   71   72   73   74   75   76   77   78