Chamber Annual Report 2018

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Statement of Management Responsibilities Management is responsible for the following: Preparing and fairly presenting the accompanying financial statements of the Trinidad and Tobago Chamber of Industry and Commerce which comprise the statement of financial position as at 31st December 2018, the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information; Ensuring that the Chamber keeps proper accounting records; Selecting appropriate accounting policies and applying them in a consistent manner; Implementing, monitoring and evaluating the system of internal control that assures security of the Chamber’s assets, detection/prevention of fraud, and the achievement of Chamber operational efficiencies; Ensuring that the system of internal control operated effectively during the reporting period; Producing reliable financial reporting that comply with laws and regulations, including the Companies Act; and Using reasonable and prudent judgement in the determination of estimates. In preparing these audited financial statements, management utilised the International Financial Reporting Standards, as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago. Where International Financial Reporting Standards presented alternative accounting treatments, management chose those considered most appropriate in the circumstances. Nothing has come to the attention of management to indicate that the Chamber will not remain a going concern for the next twelve months from the reporting date, or up to the date the accompanying financial statements have been authorised for issue, if later. Management affirms that it has carried out its responsibilities as outlined above. President Chief Executive Officer 26th February, 2019 26th February, 2019 18
Independent Auditor’s Report to the Members of Trinidad and Tobago Chamber of Industry and Commerce Opinion We have audited the financial statements of the Trinidad and Tobago Chamber of Industry and Commerce, which comprise the statement of financial position as at 31st December 2018, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flow 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 Chamber as at 31st December 2018, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Basis for our 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 Chamber in accordance with the ethical requirements that are relevant to our audit of the financial statements in Trinidad and Tobago, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards 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. In preparing the financial statements, management is responsible for assessing the Chamber’s ability to continue as a going concern, disclosing, as applicable, matters related to a going concern and using the going concern basis of accounting unless management either intends to liquidate the Chamber or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Chamber’s financial 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 free from material misstatement, whether due to fraud 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 from fraud 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 financial statements. 19
Page 1 and 2: Together we make business better
Page 3 and 4: Contents Message from the President
Page 5 and 6: Message from the President Cont’d
Page 7 and 8: Message from the Chief Executive Of
Page 9 and 10: 2018 ANNUAL REPORT Activities
Page 11 and 12: Committees Cont’d This committee
Page 13 and 14: Events The events hosted by the Cha
Page 15 and 16: The Membership Value Added Programm
Page 17 and 18: The Dispute Resolution Centre Cont
Page 19: 18 19 21 22 23 24 25 32
Page 23 and 24: Statement of Financial Position As
Page 25 and 26: Statement of Changes in Equity For
Page 27 and 28: Notes to the Financial Statements A
Page 29 and 30: Notes to the Financial Statements C
Page 35 and 36: Schedules to the Statement of Profi

Chamber Annual Report 2018

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