2012 Annual Report

English Français

Independent Auditor's Report

June 7, 2013

To the Members of Ontario College of Teachers

We have audited the accompanying financial statements of the Ontario College of Teachers, which comprise the balance sheets as at December 31, 2012, December 31, 2011, and January 1, 2011 and the statements of operations, members' equity and cash flows for the years ended December 31, 2012 and December 31, 2011, and the related notes, which comprise a summary of significant accounting policies and other explanatory information.

Management's responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial 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 financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes 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 financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Ontario College of Teachers as at December 31, 2012, and December 31, 2011, and January 1, 2011 and the results of its operations and its cash flows for the years ended December 31, 2012, and December 31, 2011 in accordance with Canadian accounting standards for not-for-profit organizations.

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Chartered Accountants, Licensed Public Accountants

40%

of members work in English Public School Boards

16%

of new OCTs in 2012 were international applicants

81%

of OCTs completed their teacher education in Ontario

63%

of OCTs have the Special Education Additional Qualification

7%

of OCTs have principal's qualifications

17%

of registered complaints were resolved through dispute resolution