Page 6 - Bahamas Waste inside pages

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KPMG
P.O. Box N-123 Montague Sterling Centre East Bay Street
Nassau, Bahamas
Independent Auditors’ Report
To The Shareholders of Bahamas Waste Limited
Report on the Audit of the Financial Statements
Opinion
Telephone Fax Internet
+1 242 393 2007 +1 242 393 1772 www.kpmg.com.bs
We have audited the financial statements of Bahamas Waste Limited (“the Company”), which comprise the statement of financial position as at December 31, 2018, the statements of comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2018, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”).
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 Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (“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.
Key Audit Matter
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters
Impairment of trade receivables
As of December 31, 2018, the Company’s trade receivables and allowance for impairment losses are $3,218,462 and $867,345, respectively (see note 5).
The risk:
Impairment of trade receivables was considered to be a key audit area primarily for the following reasons:
Inadequate allowance for impairment losses could have a material financial impact on the Company’s financial state- ments, should a material impairment loss occur with out adequate allowance for impairment loss being made.
Our response:
In assessing the impairment of trade receivables, we performed the following procedures:
• Obtainedanoverallunderstandingofthe Company’s methodology to determine the impairment losses under the newly implemented IFRS 9.
BAHAMAS WASTE LIMITED ANNUAL REPORT 2018