2019 Annual Report | Consolidated Financial

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2019 Annual Report | Consolidated Financial 20 19 ANNUAL REPORT Consolidated Financial Statements MANAGEMENT’S RESPONSIBILITY INDEPENDENT AUDITORS' REPORT The accompanying statements of First West Credit Union have been prepared by management, To the Members of First West Credit Union which is responsible for their integrity, objectivity, and reliability as well as for selecting appropriate accounting policies that are consistent with generally accepted accounting Opinion principles in Canada. The financial statements necessarily include some amounts that are based on estimates and judgments of management with appropriate consideration to materiality. We have audited the consolidated financial statements of First West Credit Union (the “Entity”), which comprise: The financial information presented elsewhere in this annual report is consistent with the • the consolidated statement of financial position as at December 31, 2019 information in the financial statements, unless otherwise noted. • the consolidated statement of profit or loss for the year then ended The credit union’s accounting and internal control systems and supporting procedures are designed and maintained to provide reasonable assurance that financial records are complete, • the consolidated statement of comprehensive income for the year then ended reliable, and accurate and that assets are safeguarded against loss from unauthorized use or • the consolidated statement of changes in members’ equity for the year then ended disposition. The procedures include training and selection of qualified staff, the establishment • the consolidated statement of cash flows for the year then ended of an organizational structure that provides a well-defined division of responsibilities, and accountability for performance. In addition, the systems include policies and standards of • and notes to the consolidated financial statements, including a summary of significant business conducted that are communicated throughout the organization to prevent conflicts of accounting policies interest and unauthorized disclosure of information. (Hereinafter referred to as the “financial statements”). The credit union’s board of directors, acting through its Audit and Conduct Review Committee In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial position of the Entity as at December 31, 2019, and its consolidated financial composed of directors, oversees management’s responsibilities for the financial reporting performance and its consolidated cash flows for the year then ended in accordance with and internal control systems. Our internal auditors review our systems and periodically are International Financial Reporting Standards (IFRS). asked to undertake in-depth system reviews of specific functional operations. The Provincial Superintendents of Financial Institutions may conduct an examination and make such inquiries Basis for Opinion into the affairs of the credit union as they may deem necessary to satisfy themselves that the We conducted our audit in accordance with Canadian generally accepted auditing standards. Our provisions of the appropriate legislation are being duly observed and that the credit union is in responsibilities under those standards are further described in the “Auditors’ Responsibilities for sound financial condition. the Audit of the Financial Statements” section of our auditors’ report. KPMG LLP, the independent auditors appointed by the members, have examined our financial We are independent of the Entity in accordance with the ethical requirements that are relevant to statements and issued their report, which follows. The auditors have full and complete access to, our audit of the financial statements in Canada and we have fulfilled our other ethical and meet periodically with, the Audit and Conduct Review Committee to discuss their audit and responsibilities in accordance with these requirements. matters arising therefrom. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Launi Skinner Thomas Webster Chief Executive Officer Chief Financial Officer ANNUAL REPORT 2019 | CONSOLIDATED FINANCIAL STATEMENTS | 1 DRAFT - March 31, 2020 Other Information INDEPENDENT AUDITORS' REPORT To the Members of First West Credit Union Management is responsible for the other information. Other information comprises: • the information, other than the financial statements and the auditors’ report thereon, OPINION included in a document likely to be entitled “Annual Report”. We have audited the consolidated financial statements of First West Credit Union (the “Entity”), Our opinion on the financial statements does not cover the other information and we do not and which comprise: will not express any form of assurance conclusion thereon. • the consolidated statement of financial position as at December 31, 2019 In connection with our audit of the financial statements, our responsibility is to read the other • the consolidated statement of profit or loss for the year then ended information identified above and, in doing so, consider whether the other information is materially • the consolidated statement of comprehensive income for the year then ended inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. • the consolidated statement of changes in members’ equity for the year then ended • the consolidated statement of cash flows for the year then ended We obtained the information, other than the financial statements and the auditors’ report thereon, included in the Annual Report as at the date of this auditors’ report. • and notes to the consolidated financial statements, including a summary of significant accounting policies If, based on the work we have performed on this other information, we conclude that there is a (Hereinafter referred to as the “financial statements”). material misstatement of this other information, we are required to report that fact in the auditors’ report. In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial position of the Entity as at December 31, 2019, and its consolidated We have nothing to report in this regard. financial performance and its consolidated cash flows for the year then ended in accordance Responsibilities of Management and Those Charged with Governance for the with International Financial Reporting Standards (IFRS). Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial BASIS FOR OPINION statements in accordance with International Financial Reporting Standards (IFRS), and for such We conducted our audit in accordance with Canadian generally accepted auditing internal control as management determines is necessary to enable the preparation of financial standards. Our responsibilities under those standards are further described in the “Auditors’ statements that are free from material misstatement, whether due to fraud or error. Responsibilities for the Audit of the Financial Statements” section of our auditors’ report. In preparing the financial statements, management is responsible for assessing the Entity’s ability We are independent of the Entity in accordance with the ethical requirements that are relevant to continue as a going concern, disclosing as applicable, matters related to going concern and to our audit of the financial statements in Canada and we have fulfilled our other ethical using the going concern basis of accounting unless management either intends to liquidate the responsibilities in accordance with these requirements. Entity or to cease operations, or has no realistic alternative but to do so. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a Those charged with governance are responsible for overseeing the Entity’s financial reporting basis for our opinion. process. OTHER INFORMATION Management is responsible for the other information. Other information comprises: • the information, other than the financial statements and the auditors’ report thereon, included in a document likely to be entitled “Annual Report”. Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is ANNUAL REPORT 2019 | CONSOLIDATED FINANCIAL STATEMENTS | 2 DRAFT - March 31, 2020 materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We obtained the information, other than the financial statements and the auditors’ report thereon, included in the Annual Report as at the date of this auditors’ report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the auditors’ report. We have nothing to report in this regard. RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), and for such internal control as
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