ASSOCIATION OF CANADIAN COMMUNITY COLLEGES
Management's Responsibility for
Financial Reporting
The accompanying summarized financial statements of the
Association of Canadian Community Colleges are the responsibility of management. They have
been derived from the Association's audited financial statements which have been prepared
in accordance with generally accepted accounting principles using information available to
April 28th, 2000, and management's best estimates and judgements.
Management has developed and maintains a system of internal
controls to provide reasonable assurance that all assets are safeguarded and to produce
relevant, reliable and timely financial information, including the accompanying financial
statements.
The Board of Directors discharges its duties relating to the
financial statements primarily through the activities of its Audit Committee. The Audit
Committee meets at least annually with management and the external auditors to review both
the financial statements and the results of the audit examination with respect to the
adequacy of internal accounting controls. The external auditors have unrestricted access
to the Audit Committee. The Audit Committee also considers, for review by the Board of
Directors, the engagement and re-appointment of external auditors.
The financial statements have been approved by the Board of
Directors and have been audited by KPMG LLP on behalf of the membership. The auditors'
report outlines the scope of their audit and their opinion on the financial statements.
Gerald Brown
President
Ramon Lashley
Director of Corporate Services
April 28, 2000
Auditor's Report to the Members of the Association of
Canadian Community Colleges
The accompanying summarized statement of financial position
and summarized statement of operations are derived from the complete financial statements
of the Association of Canadian Community Colleges as at March 31, 2000 and for the year
then ended on which we expressed an opinion without reservation in our report dated April
28, 2000. The fair summarization of the complete financial statements is the
responsibility of management. Our responsibility, in accordance with the applicable
Assurance Guideline of the Canadian Institute of Chartered Accountants, is to report on
the summarized financial statements.
In our opinion, the accompanying financial statements fairly
summarize, in all material respects, the related complete financial statements in
accordance with the criteria described in the Guideline referred to above.
These summarized financial statements do not contain all the
disclosures required by Canadian generally accepted accounting principles. Readers
are cautioned that these statements may not be appropriate for their purposes. For
more information on the entity's financial position, results of operation and cash flows,
reference should be made to the related complete financial statements.
KPMG LLP
Chartered Accountants
Ottawa, Canada
April 28, 2000
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