# HOLLAND COLLEGE We have audited the accompanying consolidated financial statements of Holland College which comprise the consolidated statement of financial position as at March 31, 2014 and the consolidated statements of operations, changes in net assets and cash flows for the year then ended and a summary of sign | | | |---|---| | Type | PDF | | Size | 78 KB | [Open original PDF →](https://hollandcollege.com/assets/documents/presidents-office/fs-holland-college-2014.pdf) Referenced from: [Consolidated Financial Statements](/pages/about/consolidated-financial-statements-html/) ## Document text Consolidated Financial Statements of ## HOLLAND COLLEGE Year ended March 31, 2014 ## INDEPENDENT AUDITOR'S REPORT ## To the Board of Governors of Holland College We have audited the accompanying consolidated financial statements of Holland College which comprise the consolidated statement of financial position as at March 31, 2014 and the consolidated statements of operations, changes in net assets and cash flows for the year then ended and a summary of significant accounting policies and other explanatory information. ## Management's Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error. ## Auditor's Responsibility Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk s the internal control relevant to the entity's preparation and fair presentation of the consolidated 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 consolidated 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 consolidated financial statements present fairly, in all material respects, the financial position of the College as at March 31, 2014 and the results of its operations, changes in net assets and cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. Charlottetown, Prince Edward Island July 15, 2014 The accompanying notes are an integral part of these consolidated financial statements. Governor . ## HOLLAND COLLEGE Consolidated Statement of Financial Position March 31, 2014, with comparative figures for 2013 | | 2014 | 2013 (restated) | | --- Source: [https://hollandcollege.com/assets/documents/presidents-office/fs-holland-college-2014.pdf](https://hollandcollege.com/assets/documents/presidents-office/fs-holland-college-2014.pdf)