Fitzroy Learning Network Annual Report - Page 18

LDAssurance CHARTERED ACCOUNTANTS LDAssurance Pty Ltd Level 6, 250 Collins Street Melbourne Victoria 3000 PO Box 18184 Collins Street East 8003 TELEPHONE +61 3 9655 3922 FACSIMILE +61 3 9655 3910 www.ldassurance.com.au ACN 146 147 202 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF FITZROY LEARNING NETWORK INCORPORATED We have audited the accompanying financial report, being a special purpose financial report, of Fitzroy Learning Network Incorporated (the ‘Association’) which comprises the statement of financial position as at 30 June 2016, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, a summary of significant accounting policies, other explanatory notes and the statement by the board. The Responsibility of the Board for the Financial Report The members of the board are responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in Note 1 is appropriate to meet the financial reporting requirements of the Associations Incorporations Reform Act 2012, the Australian Charities and Not-for-profits Commission Act 2012 (Cth) and the needs of the members. The Board’s responsibilities also includes such internal control as they determine necessary to enable the preparation of a financial report that is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation of the financial report that gives a true and fair view 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 internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the board members, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we have complied with the independence requirements of the Accounting Professional and Ethical Standards Board and the Australian Charities and Not-for-profits Commission Act 2012. Liability limited by a scheme approved under Professional Standards Legislation.