Click image to enlarge
The accompanying summary financial statements, which comprise the summary statement of financial position as at December 31, 2011, and the summary statement of operations and changes in net assets for the year then ended, are derived from the audited financial statements of Save the Children Canada (the “Organization”) for the year ended December 31, 2011. We expressed a qualified audit opinion on those financial statements in our report dated June 8, 2012. Those financial statements, and the summary financial statements, do not reflect the effects of events that occurred subsequent to the date of our report on those financial statements.
The summary financial statements do not contain all the disclosures required by Canadian generally accepted accounting standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Organization.
Management’s Responsibility for the Summary Financial Statements: Management is responsible for the preparation of a summary of the audited financial statements in accordance with Canadian generally accepted accounting standards.
Auditor’s Responsibility: Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (“CAS”) 810, “Engagements to Report on Summary Financial Statements”.
Opinion: In our opinion, the summary financial statements derived from the audited financial statements of the Organization for the year ended December 31, 2011 are a fair summary of those financial statements, in accordance with Canadian generally accepted accounting principles. However, the summary financial statements are impacted, to the same extent as the audited financial statements by the possible effects of the limitation in the scope of our audit of the audited financial statements of the Organization for the year ended December 31, 2011.
Our qualified opinion on the audited financial statements is described in our report dated June 8, 2012, and indicated that the Organization, in common with many not-for-profit organizations, derives revenue from the general public, 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 Organization and we were not able to determine whether any adjustments might be necessary to contributions revenue, deficiency of revenue over expenses, and cash flows from operations for the years ended December 31, 2011 and 2010, current assets as at December 31, 2011 and 2010, and net assets as at January 1 and December 31 for both the 2011 and 2010 years. Our qualified opinion states that, except for the possible effects of the described matter, those financial statements present fairly, in all material respects, the financial position of the Organization as at December 31, 2011, and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.
Chartered Accountants Licensed Public Accountants June 8, 2012