Vision Lithium inc.
Audited consolidated financial statements
As of August 31, 2021 and 2020
The independent auditor’s report
To the shareholders of
Vision Lithium inc.
Raymond Chabot Grant Thornton LLP
1000 Germain Street
We have audited the consolidated financial statements of Vision Lithium Inc. (hereafter “the Company”), which include the consolidated statements of financial position as at August 31, 2021 and 2020, the consolidated statements of net loss and comprehensive income, the consolidated statements of changes in equity and the consolidated statements of cash flows for the years then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements fairly present, in all material respects, the financial position of the Company as at August 31, 2021 and 2020, as well as its financial performance and its cash flows for the years then ended in accordance with at International Financial Reporting Standards (IFRS).
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under these standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are independent of the Company in accordance with the rules of ethics that apply to our audit of the consolidated financial statements in Canada, and we have discharged our other ethical responsibilities in accordance with those rules. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 2 to the consolidated financial statements, which indicates the existence of a significant uncertainty likely to cast significant doubt on the Company’s ability to continue operating. Our opinion is not modified on this subject.
Member of Grant Thornton International Ltd
Information other than the consolidated financial statements and the auditor’s report thereon
Management is responsible for other information. Other information includes information included in the MD&A.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any assurance conclusions thereon. As part of our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, to examine whether the other information is materially inconsistent with the consolidated financial statements or our knowledge acquired during the review. ‘audit, or otherwise appears to be materially inaccurate.
We obtained the MD&A before the date of this auditor’s report. If, based on the work we have performed on such other information, we conclude that there is a material misstatement of such other information, we are required to report that fact in this audit report. We have nothing to report on this matter.
Responsibilities of management and those charged with governance for the consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), and for the internal control that management deems necessary to enable the preparation of consolidated financial statements free of anomalies. material, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, to disclose, if applicable, issues related to going concern and to use the accounting basis of going concern, unless management intends to wind up the Company or cease operations or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance that the consolidated financial statements taken as a whole are free from material misstatement, whether these result from fraud or error, and to issue an audit report containing our opinion. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Anomalies may result from fraud or error and are considered material if, individually or as a whole, they are reasonably likely to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit conducted in accordance with Canadian generally accepted auditing standards, we exercise our professional judgment and maintain a critical mind throughout the audit. We have also:
- Identify and assess the risks of material misstatement in the consolidated financial statements, whether resulting from fraud or error, design and implement audit procedures adapted to these risks, and collect sufficient and appropriate audit evidence to base our opinion. The risk of not detecting a material anomaly resulting from fraud is higher than that resulting from an error, because fraud can involve collusion, counterfeiting, intentional omissions, false declarations or circumvention of internal control;
- Acquire an understanding of internal control relevant to the audit in order to design audit procedures appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control;
- Assess the appropriateness of accounting policies used and the reasonableness of accounting estimates and related information provided by management;
- Conclude on the appropriateness of management’s use of the going concern accounting principle and, on the basis of the audit evidence gathered, whether there is a material uncertainty related to events or conditions that may cast doubt important to the Company’s ability to continue operating. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the information provided in the consolidated financial statements or, if this information is insufficient, to modify our opinion. Our conclusions are based on the audit evidence gathered up to the date of our audit report. However, future events or conditions may cause the Company to cease its activities;
- Evaluate the overall presentation, structure and content of the consolidated financial statements, including the information provided, and determine whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves a fair presentation;
- Obtain sufficient and appropriate audit evidence concerning the financial information of the entities or the business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and execution of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other things, the expected scope and timing of the audit and significant audit findings, including any material internal control deficiencies that we identify during the course of the audit. our audit.
We also provide those charged with governance with a statement that we have complied with the relevant rules of professional ethics relating to independence, and communicate to them all relationships and other matters that can reasonably be considered to have an impact on our independence. independence and, where applicable, the associated guarantees.
The partner responsible for the mission giving rise to this independent auditor’s report is Alain Lemaire.
December 14, 2021
1 CPA auditor, CA public accountancy permit no. A109964
Vision Lithium inc. published this content on December 14, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on December 16, 2021 09:08:03 AM UTC.
Public now 2021
Evolution of the income statement