2013 BPWCCUL Consolidated Annual Report - page 16

14
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
INDEPENDENT AUDITORS’ REPORT
To the Members of Barbados Public Workers’ Co-operative Credit Union Limited
We have audited the accompanying consolidated financial statements of Barbados Public Workers’ Co-operative Credit Union
Limited (the “Credit Union”) and its subsidiaries (the “Group”), which comprise the consolidated statement of financial position
as of March 31, 2013, the consolidated statement of income, consolidated statement of comprehensive income, consolidated
statement of changes in equity and the consolidated statement of 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 consolidated financial statements in accordance
with International Financial Reporting Standards 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.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit
in accordance with International Standards on Auditing. 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 our 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 assessments, we
consider 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 consolidated financial position
of the Group as of March 31, 2013, its consolidated financial performance and its consolidated cash flows for the year then
ended in accordance with International Financial Reporting Standards.
Other Matter
The consolidated financial statements of the Group as of and for the year ended March 31, 2012 were audited by another
auditor who expressed an unmodified opinion on those consolidated statements on June 5, 2012.
Chartered Accountants
Bridgetown, Barbados
May 29, 2013
1...,6,7,8,9,10,11,12,13,14,15 17,18,19,20,21,22,23,24,25,26,...56
Powered by FlippingBook