Credit Union Annual Report 2022 - Flipbook - Page 37
Ernst & Young Ltd.
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Camana Bay
P.O. Box 510
Grand Cayman KY1-1106
CAYMAN ISLANDS
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Fax: +1 345 949 8529
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Independent Auditor’s Report
The Board of Directors
The Cayman Islands Civil Service Association (CICSA) Co-operative Credit
Union Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of The Cayman Islands Civil Service Association
(CICSA) Co-operative Credit Union Limited (the Credit Union), which comprise the statement of
financial position as at July 31, 2022, and the statement of comprehensive income, statement of
changes in reserves and statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Credit Union as at July 31, 2022, and its financial performance and its
cash flows for the year then ended in accordance with International Financial Reporting Standards
(IFRSs).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the financial statements section of our report. We are independent of the Credit Union in
accordance with the International Ethics Standards Board for Accountants’ International Code of
Ethics for Professional Accountants (including International Independence Standards) (IESBA
Code) and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Responsibilities of Management and the Board of Directors for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with IFRSs, 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.
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