Ontario Clean W ater Agency 2011 Annual Report 28 T oronto Ontario March 28 2013 Jim McCarter FCA Auditor General Licensed Public Accountant Oce of the Auditor Gene ra l of On ta ri o Bu re au du vericat eur gene ra l de l O ntario Independent Auditor s Report T o the Ontario Clean W ater Agency the Minister of the Environment and to the Minister of Finance I have audited the accompanyin g fnancial statements of the Ontario Clean W ater Agency which comprise the balance sheet as at December 31 2012 and the statements of operations and change in net assets and cash fows for the year ended and a summary of signifcant accounting policies and other explanatory information Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these fnancial statements in accordance with Canadian public sector accounting standards and for such internal control as management determines is necessary to enable the preparation of fnancia l statements that are free from material misstatement whether due to fraud or error Auditor s Responsibility My responsibility is to express an opinion on these fnancial statements based on my audit I conducted my audit in accordance with Canadian generally accepted auditing standards Those standards require that I comply with ethical requiremen ts and plan and perform the audit to obtain reasonable assurance about whether the fnancial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial stateme nts The procedures selected depend on the auditor s judgment including the assessment of the risks of material misstatemen t of the fnancial statements whether due to fraud or error In making those risk assessments the auditor considers internal control relevant to the entity s preparation and fair presentation of the fnancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the ef fectiveness of the entity s internal control An audit also include s evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management as well as evaluating the overall presentation of the fnancial statements I believe that the audit evidence I have obtained is suffcient and appropriate to provide a basis for my audit opinion Opinion In my opinion the fnancial statements present fairly in all material respects the fnancial position of the Ontario Clean W ater Agency as at December 31 2012 and the results of its operations changes in its net assets and its cash fows for the year then ended in accord ance Canadian public sector accounting standards Box 105 15th Floor 20 Dundas Street W est T oronto Ontario M5G 2C2 4163272381 fax 4163263812 BP 105 15 e eta ge 20 rue Dundas ouest T oronto Ontario M5G 2C2 4163272381 telecopieur 4163263812 www auditor onca