Credit Union Annual Report 2021 V2 - Flipbook - Page 36
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Independent Auditor’s Report
The Board of Directors
The Cayman Islands Civil Service Association (CICSA) Co-operative Credit Union Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of The Cayman Islands Civil Service Association (CICSA) Co-operative
Credit Union Limited (the “Credit Union”) which comprise the statement of financial position as at July 31, 2021, and
the statement of comprehensive income, statement of changes in reserves and statement of cash flows for the year
then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of
the Credit Union as at July 31, 2021, and its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section
of our report. We are independent of the Credit Union in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards) (IESBA Code) and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and the Board of Directors for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
International Financial Reporting Standards, 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.
In preparing the financial statements, management is responsible for assessing the Credit Union’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Credit Union or to cease operations, or has no realistic
alternative but to do so.
The Board of Directors are responsible for overseeing the Credit Union’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
This report is made solely to the Board of Directors, as a body. Our audit work has been undertaken so that we might
state to the Board of Directors those matters we are required to state to them in an auditor’s report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Credit Union and the Board of Directors as a body, for our audit work, for this report, or for the opinions we have
formed.
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