Oversight
An independent professional that may provide assurance over the College’s financial statements.
Auditor
The accounting standards used by the College for its financial statements.
Accounting Standards for Not For Profit Organizations (ASNPO)
The College’s book of accounts.
General Ledger
The largest source of funding for the College.
Annual Renewal Fees
The systems and processes put in place to prevent errors and fraud.
Internal Controls
An objective and independent examination of the College’s financial statements.
Financial Audit
When the cost of an asset is spread over its useful life.
Depreciation
The accumulated excess of revenues over expenses that is set aside for future use.
Reserve
The CPSO document that outlines financial business practices approved by the Board.
CPSO By-Law
The Canadian organization that oversees accounting standards.
CPA Canada
Statutory deductions that start at the beginning of the year and end when the maximum is reached.
CPP and EI contributions
The amount of the College’s 2026 revenue budget.
$90.9 Million
CPSO has a good quantity of cash, making it this...
Solvent
The term used to describe the type of audit opinion the College has been receiving on its financial statements.
Unqualified (Audit Opinion)
The statement that reflects the College’s net worth.
Statement of Financial Position
A term used to describe cash available for daily operations.
Working Capital
An internal control that prevents the same person from performing conflicting tasks.
Segregation of duties
Who has the authority to appoint and re-appoint the external auditors.
The Board
A pension plan that guarantees a certain amount of pension income.
Defined Benefit Plan
A term used to describe cash expenses.
Cash Burn