October 4, 2016
Independent Auditor's Report
To the Board of Directors of
Mennonite Economic Development Associates
We have audited the accompanying consolidated financial statements of Mennonite Economic Development Associates , which comprise the consolidated balance sheet as at June 30, 2016 and th e
consolidated statements of operations and changes in unrestricted net assets, and cash flows for the year then ended, and the related notes , which comprise a summary of significant accounting polic ies and other explanatory information.
Management's responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated financial statements that are free from material misstatement , wh ether due to fraud or error.
Our responsibility is to express an opinion on these consolidated 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 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 the auditor's 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, the auditor considers 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.
In our opinion, the consolidated financial statements present fairly, in all material respects , the financial position of Mennonite Economic Development Associates, as at June 30, 2016 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.
95 King Street South, Suite 201, Waterloo, Ontario, Canada N2J sA2
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