LAKELAND COLLEGE

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Management’s Responsibility for the Financial Statements
The accompanying financial statements of Lakeland College are the responsibility of management and have been approved by the Board
of Governors. The financial statements have been prepared by management in conformity with generally accepted accounting principles
described in Note 2.
To discharge its responsibility for the integrity and objectivity of financial reporting, management maintains a system of internal
accounting controls comprising written policies, guidelines and procedures, and a formal authorization structure. This system is designed
to provide management with reasonable assurance that transactions are properly authorized, reliable financial records are maintained, and
assets are adequately accounted for and safe-guarded.
The Board of Governors carries out its fiduciary responsibility for financial management of the institute through its Finance and
Property and Audit Committees. The Audit Committee meets with management and the external auditor to discuss the results of audit
examinations and financial reporting matters. The external auditor has full access to the Audit Committee, with and without the presence
of management.
The Auditor General of the Province of Alberta, the Institute’s external auditor appointed under the Auditor General Act, performs an annual
independent audit of the financial statements. The Auditor’s Report follows.
On behalf of management,
Glenn Charlesworth
President and CEO
Ralph Troschke
Vice President, Student and College Services
ANNUAL REPORT 2007-08
LAKELAND COLLEGE