NEADS Membership Report 2010-2012
Audited Financial Statements
INDEPENDENT AUDITORS’ REPORT
Report on the Financial Statements
We have audited the accompanying financial statements of National Educational Association of Disabled Students/Association nationale des étudiant(e)s handicapé(e)s au niveau post-secondaire, which comprise the statement of financial position as at March 31, 2012, and the statement of revenue and expenditure for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the
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 determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements 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 the 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 the auditors’ 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, the auditor considers 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.
Except as explained in the following paragraph, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.
Basis for Qualified Opinion
In common with many not-for-profit organizations, the Association derives revenue from conference fees, contributions, publications and memberships, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the Association and we were not able to determine whether any adjustments might be necessary to conference fees, contributions, publications and memberships revenue, net revenue for the year ended March 31, 2012 and March 31, 2011, and current assets and members’ surplus (deficit) as at March 31, 2012 and March 31, 2011. Our audit opinion on the financial statements for the year ended March 31, 2011 was modified accordingly because of the possible effects of this limitation in scope.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of National Educational Association of Disabled Students/ Association nationale des étudiant(e)s handicapé(e)s au niveau post-secondaire as at March 31, 2012, and its results of operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.
Report on Other Legal and Regulatory Requirements
As required by the Canada Corporations Act, we report that, in our opinion, these principles have been applied on a basis consistent with that of the preceding year.
McCay Duff LLP,
Licensed Public Accountants.
October 3, 2012.