2017 Annual Report

80 City of Chilliwack 2017 Annual Report Tourism Chilliwack Inc. Fiscal Year Ended December 31, 2017 Financial Statements of KPMG LLP 200-9123 Mary Street Chilliwack BC V2P 4H7 Canada Telephone (604) 793-4700 Fax (604) 793-4747 INDEPENDENT AUDITORS' REPORT To the Shareholder of Tourism Chilliwack Inc. We have audited the accompanying consolidated financial statements of Tourism Chilliwack Inc. which comprise the statement of financial position as at December 31, 2017, the statements of operations and accumulated surplus, change in net financial assets and cash flows for the year then ended and notes comprising 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 consolidated financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility 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 an 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 consolidated financial statements. The procedures selected depend on our 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, we consider 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. KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP. Tourism Chilliwack Inc. Page 2 We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opin n. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Tourism Chilliwack Inc. as at December 31, 2017 and the results of its operations, its changes in net financial assets and its cash flows for the year then ended in accordance with Canadian public sector accounting standards. Chartered Professional Accountants February 2, 2018 Chilliwack, Canada To rism Chilliwack Inc Page 2 We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material res ects, the financial position of Tourism Chilliwack Inc. as at December 31, 2017 and the results of its operations, its changes in net financial assets and its cash flows for the year then ended in accordance with Canadian public sector accounting standards. Chartered Professional Accountants February 2, 2018 Chilliwack, Canada Tourism Chilliwack Inc. Page 2 We believ that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opini n. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Tourism Ch lliwack Inc. as at December 31, 2017 and the results of it perations, its changes in net financial assets and its ca h flows for the year then ended in accordance with Canadian public sector accounting standard . Chartered Professional Accountants February 2, 2018 Chilliwack, Canada KPMG LLP Suite 200 - 9123 Mary Street Chilliwack BC V2P 4H7 Canada Telephone (604) 793-4700 Fax (604) 793-4747 KPMG LLP is a C nadian limited liability partnership and a member firm of the KPMG network of independent  member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.   KPMG Canada provides services to KPMG LLP.  INDEPENDENT AUDITORS' REPORT To the Mayor and Council of the City of Chilliwack, We have audited the accompanying consolidated financial statements of the City of Chilliwack which comprise the consolidated statement of financial position as at December 31, 2017, the consolidated statements of operations and accumulated surplus, change in net financial assets and cash flows for the year then ended, and notes comprising a summary of significant accounting policies a d other explanatory informatio . Man geme t's R sponsibility for the Consolidated Financial Statements Management is responsible for the preparation a d fair presentation of these consolidated financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. 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 an 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 disclosure in t e consoli at d financial st t ments. T e procedure elected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those ri k assessments, we consider 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. KPMG LLP Suite 200 - 9123 Mary Street Chilliwack BC V2P 4H7 Canada Telephone (604) 793-4700 Fax (604) 793-4747 KPMG LLP isaCanadian limted liabilitypartnership ndamember fi mof theKPMGnetwork f independent  member firmsaffiliatedwithKPMG InternationalCooperative (“KPMG International”),a Swissentity.   KPMGCanadaprovides services toKPMG LLP.  INDEPENDENT AUDITORS' REPORT To the Mayor and Council of th City f Chilliwack, We have audited the accompanying consolidated financial statements of the City of Chilliwack which comprise the consolidated statement of financial position as at December 31, 2017, the consolidated statements of operations and accumulated surplus, c ange i net financial a sets nd cash flows or the ye r then ended, and n tes comprising a summary of significant accounting policies and other explanatory information. Management's Respon ibility for the Consolidated Financial Statements Management is responsible for the preparati n and fair presentation of these consolidated financial statements i accorda e with Canad an public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We condu ted our audit in acc rdance with Canadia ge erally accepted auditi g standar s. Those st n ards r quire that we c mply with ethical requirements and plan and perform an audit to btain reasonable assurance about whether the financial statements are free from material misstatement. An audit inv lves performing procedures to obtain audit evidence about the mounts and disclosures in the consolidated financial stat ments. The procedures select d depend n our judgment, including the assessment of the risks of material isstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we co sider nternal control relevant to the entity's preparation nd 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 effectivene s f 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 w ll as evaluating the verall presentation of the consolidated financial statements.