Young Parkyn McNab LLP
CHARTERED ACCOUNTANTS
AUDITORS' REPORT
To: The Board of Directors of
Crowsnest Leaming Centre Society
We have audited the statement of financial position of Crowsnest Leaming Centre Society as at December 31, 2007 and the statements of operations, changes in net assets and cash flows for the year then ended. These financial statements are the responsibility of the Society's management. Our responsibility is to express an opinion on these financial statements based on our audit.
Except as noted in the following paragraph, we conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit aIso includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
For a significant portion of the year the accounting records of the Society were not sdequate to support the recorded revenues and expenditures. Also, our examination indicated deficiencies in internal controls over certain revenues and expenditures. As a consequence, we were unable to satisfy ourselves that all revenues and expenditures of the Society had been recorded nor were we able to satisfy ourselves that the recorded transactions were proper. As a result, we were unable to determine whether adjustments were required in respect of recorded or unrecorded assets, revenue, net assets and cash flows.
In view of the possible material effects on the financial statements of the matters described in the preceding paragraph, we are unable to express an opinion whether these financial statements are presented fairly in accordance with Canadian generally accepted accounting principles.
Lethbridge, Alberta
March 26, 2008
Chartered Accountants
3 comments:
When all of the sentiment and hangwringing about the centre is pushed aside, it really comes down to one thing: Should a volunteer society, who are accountable to no one but themselves, be responsible for running a piece of important, revenue-producing municipal property?
One would think if the effort to retain the centre was so strong, the socity would work harder to keep its books in order. I think we got a shadow of the underlying problem when they presented the flawed financial report to council earlier this year.
SCANDALOUS! ABSOLUTELY SCANDALOUS!!!
To think respectable members of our community have been standing up recently, in effect, in support of allowing the continuation of even more 'mismanagement' of this municipal public 'taxpayer' facility. It’s a SHAME!
Well, I guess after reading the auditor's letter (report) they and many others in our community will now have their 'collectively eyes' opened. I hope so!
It’s time to move on…
... except, we still have to go through the 'formality' and 'expense' of a Plebiscite... A last ditch attempt to hold onto 'their thing'.
Another, WHAT A SHAME!...
SHAME! SHAME! SHAME!
Bryan's post above is right on the money!
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