35 SEPARATE FINANCIAL STATEMENTS 2024 Responsibilities of management and those charged with governance for the financial statements Management is responsible f or the preparation and f air presentation of the f inancial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of f inancial statements that are f ree f rom material misstatement, whether due to f raud or error. In preparing the financial statements, management is responsible for assessing the Credit Union’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Credit Union or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible f or overseeing the Credit Union’s f inancial reporting process. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are f ree f rom material misstatement, whether due to f raud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise f rom f raud or error and are considered material if , individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these f inancial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identif y and assess the risks of material misstatement of the f inancial statements, whether due to f raud or error, design and perf orm audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as f raud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not f or the purpose of expressing an opinion on the ef f ectiveness of the Credit Union’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
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