Audited Financial Statements
Management’s Responsibility for the Financial Statements
The school division’s management is responsible for the preparation of the financial
statements in accordance with Canadian public sector accounting standards and the
format specified in the Financial Reporting Manual issued by the Ministry of
Education. The preparation of financial statements necessarily involves the use of
estimates based on management’s judgment, particularly when transactions affecting
the current accounting period cannot be finalized with certainty until future periods.
The school division’s management maintains a system of accounting and administrative
controls to ensure that accurate and reliable financial statements are prepared and to
provide reasonable assurance that transactions are authorized, assets are safeguarded,
and financial records are properly maintained to provide reliable information for the
preparation of financial statements.
The Board of Education is composed of elected officials who are not employees of the
school division. The Board is responsible for ensuring that management fulfills its
responsibilities for financial reporting and internal control, and for approving the
financial statements. The Board is also responsible for the appointment of the school
division's external auditors.
The external auditors conduct an independent examination in
accordance with Canadian auditing standards and express their opinion on the financial
statements. The accompanying Auditors’ Report outlines their responsibilities, the
scope of their examination and their opinion on the school division’s financial
statements. The external auditors have full and free access to, and meet periodically and
separately with, both the Board and management to discuss their audit findings.
The school division’s management is responsible for the preparation of the financial
statements in accordance with Canadian public sector accounting standards and the
format specified in the Financial Reporting Manual issued by the Ministry of
Education. The preparation of financial statements necessarily involves the use of
estimates based on management’s judgment, particularly when transactions affecting
the current accounting period cannot be finalized with certainty until future periods.
The school division’s management maintains a system of accounting and administrative
controls to ensure that accurate and reliable financial statements are prepared and to
provide reasonable assurance that transactions are authorized, assets are safeguarded,
and financial records are properly maintained to provide reliable information for the
preparation of financial statements.
The Board of Education is composed of elected officials who are not employees of the
school division. The Board is responsible for ensuring that management fulfills its
responsibilities for financial reporting and internal control, and for approving the
financial statements. The Board is also responsible for the appointment of the school
division's external auditors.
The external auditors conduct an independent examination in
accordance with Canadian auditing standards and express their opinion on the financial
statements. The accompanying Auditors’ Report outlines their responsibilities, the
scope of their examination and their opinion on the school division’s financial
statements. The external auditors have full and free access to, and meet periodically and
separately with, both the Board and management to discuss their audit findings.