2009-2010 - Annual Report

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()
Auditor’s Report
To the Ontario Northland Transportation Commission
and the Minister of Northern Development and Mines
I have audited the consolidated balance sheet of the Ontario Northland
Transportation Commission as at March 31, 2010 and the consolidated statements
of investment by the Province of Ontario, operations and retained earnings and
cash flows for the year then ended. These consolidated financial statements are the
responsibility of the Commission’s management. My responsibility is to express an
opinion on these consolidated financial statements based on my audit.
I conducted my audit in accordance with Canadian generally accepted auditing
standards. Those standards require that I plan and perform an audit to obtain
reasonable assurance whether the consolidated financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the consolidated financial statements.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall consolidated
financial statement presentation.
In my opinion, these consolidated financial statements present fairly, in all material
respects, the financial position of the Commission as at March 31, 2010 and the
results of its operations and its cash flows for the year then ended in accordance
with Canadian generally accepted accounting principles.
Toronto, Ontario
May 29, 2010
Jim McCarter, CA
Auditor General
Licensed Public Accountant
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