Jhamtse Canada Financial Statements 2017

Independent auditor’s report

To the Members of Jhamtse Canada

We have audited the accompanying financial statements of Jhamtse Canada (the “Organization”), which comprise the statement of financial position as at December 31, 2017, the statements of financial activities and changes in capital 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 misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’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 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, Jhamtse Canada derives revenue from fundraising activities and public donations, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of Jhamtse Canada. Therefore, we were not able to determine whether any adjustments might be necessary to contribution and fundraising revenues, net surplus and cash flows from operations for the years ended December 31, 2017 and December 31, 2016, current assets as at December 31, 2017 and 2016, and changes in capital as at January 1, 2017, December 31, 2017, and December 31, 2016. Our audit opinion on the financial statements for the period ended December 31, 2016 was modified accordingly because of possible effects of this limitation in scope.

Qualified Opinion

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of Jhamtse Canada as at December 31, 2017, 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

Grant Thornton Signature

Chartered Professional Accountants Licensed Public Accountants

Mississauga, Canada February 28, 2018

Download the newsletter in PDF format here