In dep end ent A u d i t o r s R e p o r t To the Members and Board of Directors of Nishnawbe Aski Development Fund We have audited the accompanying consolidated financial statement s of Nishnawbe Aski Development Fund which comprise the consolidated statement of financial position as at March 31 20 13 and the consolidated statements of operations and surplus d eficit and cash flows for the year then ended and a summary of signif icant accounting policies and other explanatory information Managements Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presenta tion of these consolidated financial statements in accordance w ith Canadian accounting standards for notforprofit organizations and for such internal control as management determines is nece ssary to enable the preparation of consolidated financial statements tha t are free from material misstatement whether due to fraud or error Auditors Responsibility Our responsibility is to express an opinion on these consolidat ed financial statements based on our audit W e c on du ct ed ou r au di t in accordance with Canadian generally accepted auditing standards Those standards require that we comply with ethical requiremen ts and plan and perform the audit to obtain reasonable assurance a bout whether the consolidated financial statements are free fro m material misstatement An audit involves performing procedures to obtain audit evidenc e about the amounts and disclosures in the consolidated financi al statements The procedures selected depend on the auditors jud gment including the assessment of the risks of material missta tement of the consolidated financial statements whether due to fraud or error In making those risk assessments the auditor conside rs internal control relevant to the entitys preparation and fair presentat ion of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances but not f or the purpose of expressing an opinion on the effectiveness of the en ti t y s int er na l co nt ro l A n au di t al so i nc lu de s ev al ua tin g th e a ppr op ri at en es s of a cc ou nt in g po li cie s us ed a nd t he r ea so na bl en es s of accounting estimates made by management as well as evaluating the overall presentation of the consolidated financial statemen ts We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Opinion In our opinion the consolidated financial statements present f airly in all material respects the financial position of Nish nawbe Aski Development Fund as at March 31 2013 and the results of its op erations and cash flows for the year then ended in accordance w ith Canadian accounting standards for notforprofit organizations Comparative Information Wi thout modifying our opinion we draw attention to Note 3 to the consolidated financial statements which describes that Nishnaw be Aski Development Fund adopted Canadian accounting standards for notforprofit organizations on April 1 2012 with a transitio n date of April 1 2011 These standards were applied retrospectively by management to the comparative information in these consolidated financial statements including the consolidated statement of f inancial position as at March 31 2012 and April 1 2011 and t he consolidated statements of operations and surplus deficit and cash flows for the year ended March 31 2012 and related discl osures We were not engaged to report on the restated comparative informa tion and as such it is unaudited Other matter The supplementary information contained in the Schedules is pre sented for the purposes of additional analysis and is not a par t of the basic audited consolidated financial statements The informatio n in the Schedules was derived from the accounting records test ed in forming an opinion on the consolidated financial statements as a whole Thunder Bay Ontario Chartered Professional Accountants June 25 2013 Licensed Public Accountants 210 1205 Amber D riv e Thunder Bay Ontario P7B 6 M4 Phone 807 6232141 Auditor s Report 19 20122013 Annual Report