2017 Annual Report

FINANCIAL SUMMARY - FISCAL 2017 Independent Auditors’ Report Independent auditors’ report To the Members of The Princess Margaret Cancer Foundation We have audited the accompanying financial statements of The Princess Margaret Cancer Foundation, which comprise the balance sheet as at March 31, 2017 and the statements of revenue, expenses and changes in fund balances and cash flows for the year then ended, and 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 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 auditors 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 is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of The Princess Margaret Cancer Foundation as at March 31, 2017, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. Toronto, Canada June 28, 2017 To the Members of The Princess Margaret Cancer Foundation We have audited the accompanying financial statements of The Princess Margaret Cancer Founda compris the balance sheet as at March 31, 2017 and th statements of revenue, expenses and chan balances and cash flows for the year then ended, and a summary of significant accounting policie explanatory information. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in with Canadian c ounting sta dards for not-for-profit or nizatio s, and for such internal control as m determines is necessary to enabl the preparation of fi ancial stateme ts that ar free from material mi whether du to fraud or rror. Auditors’ responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We co audit in accordance with Can dian generally accepted auditing standards. Those standards require that with ethical requirements and plan nd perform the audit to obtain re on ble assurance about financial stat m nts re free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclos financial statements. The procedures selected depend on the auditors’ judgment, including the assess risks of material misstatement of the financial statements, whether due to fraud or error. In makin ass ments, the auditors consider internal co trol rel va t to the entity’s preparation and fair present fin cial statements in order to design audit procedures th t are appropriate in the circumstances, but purpose of expressing an opinion on the effective ess of the entity’s internal control. An audit al evaluating the appropriateness of accounting policies used and the reasonableness of accounting esti by management, as well as evaluating the overall presentation of the financial statements. We believe that the au it evi ence we have obtained is sufficient and ppropriate t provide a basis f opinion. Opini n In our pinion, the financial statements present fairly, in all material r pects, the financial positi Princess Margaret C ncer Foundation as at M rch 31, 2017, and the results of its operations a flows for the year then ended in accordance with Canadian accounting standards for not-for-profit org Toronto, Canada June 28, 2017 The Princess Margaret Cancer Foundation | 65