Annual Report 2015 - Page 41

Summary Statement of Financial Position Auditor’s Report on Summarized Financial Statements To the Members of the College of Physicians and Surgeons of Ontario The accompanying summary financial statements, which comprise the summary statement of financial position as at December 31, 2015 and the summary statement of operations for the year then ended are derived from the audited financial statements of the College of Physicians and Surgeons of Ontario for the year ended December 31, 2015. We expressed an unmodified audit opinion on those financial statements in our report dated May 31, 2016. The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the College of Physicians and Surgeons of Ontario. Management’s Responsibility for the Summary Financial Statements Management is responsible for the preparation of a summary of the audited financial statements on the basis described below. The summarized financial statements include all information contained in the complete audited financial statements except for a statement of changes in net assets, statement of cash flows, notes and other explanatory information. 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 summarized financial statements derived from the audited financial statements of the College of Physicians and Surgeons of Ontario for the year ended December 31, 2015 are a fair summary of those financial statements on the basis described above. Tinkham & Associates LLP Chartered Accountants Licensed Public Accountants TORONTO, Ontario May 31, 2016 Annual Report 2015 41