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INDEPENDENT AUDITOR'S REPORT
To the Board of Directors of
Peace Arch Community Services Foundation:
We have audited the accompanying financial statements of PEACE ARCH COMMUNITY SERVICES FOUNDATION, which
comprise the balance sheet as at March 31, 2015 and the statements of changes in net assets, revenues and expenses 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.
Auditor's 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 auditor's judgment, including the assessment of the risks of material misstatements of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the
Foundation'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 qualified audit opinion.
Basis for Qualified Opinion
In common with many charitable organizations, the Foundation derives a portion of its revenue from donations, the completeness of
which is not susceptible of satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts
recorded in the records of the Foundation and we were not able to determine whether any adjustments might be necessary to donation
revenues, excess of revenue over expenses, assets and net assets.
Qualified Opinion
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, these statements
present fairly, in all material respects, the financial position of the Foundation as at March 31, 2015
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.
Other Matters
As required by the Society Act of British Columbia, we report that, in our opinion, Canadian accounting standards for not-for-profit
organizations have been applied on a basis consistent with that of the previous year.
The financial statements of PEACE ARCH COMMUNITY SERVICES FOUNDATION for the year ended March 31, 2014 were
audited by KNV Chartered Accountants LLP of Surrey, British Columbia, Canada, prior to its merger with MNP LLP. KNV
Chartered Accountants LLP expressed a qualified opinion on those statements on June 24, 2014
.
June 16, 2015
Surrey, British Columbia
Chartered Accountants