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KPMG LLPChartered AccountantsBox 97621 King Street West Suite 700Hamilton ON L8N 3R1Telephone (905) 523-8200Telefax (905) 523-2222www.kpmg.caKPMG LLPChartered AccountantsBox 97621 King Street West Suite 700Hamilton ON L8N 3R1Telephone (905) 523-8200Telefax (905) 523-2222www.kpmg.caINDEPENDENT AUDITORS' REPORTTo the Members of Council, Inhabitants and Ratepayers of The Corporation of the Town of OakvilleWe have audited the accompanying consolidated financial statements of the Corporation of the TownINDEPENDENT AUDITORS' REPORTof Oakville, which comprise the consolidated statement of financial position as at December 31, 2010,the consolidated statements of operations, changes in net financial assets and cash flows for theyear then ended, and notes, comprising a summary of significant accounting policies and otherexplanatoryTo the Membersinformation.of Council, Inhabitants and Ratepayers of The Corporation of the Town of OakvilleManagement’sWe have auditedResponsibilitythe accompanyingfor the ConsolidatedconsolidatedFinancialfinancialStatementsstatements of the Corporation of the Townof Oakville, which comprise the consolidated statement of financial position as at December 31, 2010,Managementthe consolidatedis responsiblestatementsfor theofpreparationoperations,andchangesfair presentationin net financialof theseassetsconsolidatedand cash flowsfinancialfor thestatementsyear thenin accordanceended, andwithnotes,Canadiancomprisingpublica summarysector accountingof significantstandards,accountingandpoliciesfor suchandinternalothercontrolexplanatoryas managementinformation.determines is necessary to enable the preparation of consolidated financialstatements that are free from material misstatement, whether due to fraud or error.Management’s Responsibility for the Consolidated Financial StatementsAuditors’ ResponsibilityManagement is responsible for the preparation and fair presentation of these consolidated financialOur responsibilitystatements inisaccordanceto expresswithan opinionCanadianon thesepublicconsolidatedsector accountingfinancialstandards,statementsandbasedfor suchoninternalouraudit.controlWe conductedas managementour auditdeterminesin accordanceis necessarywith Canadianto enablegenerallythe preparationacceptedofauditingconsolidatedstandards.financialThosestatementsstandardsthatrequireare freethatfromwe complymaterialwithmisstatement,ethical requirementswhether dueandtoplanfraudandorperformerror.the audit toobtain reasonable assurance about whether the consolidated financial statements are free frommaterialAuditors’misstatement.ResponsibilityAn auditOurinvolvesresponsibilityperformingis to expressproceduresan opinionto obtainon theseaudit evidenceconsolidatedaboutfinancialthe amountsstatementsand disclosuresbased on ourin theaudit.consolidatedWe conductedfinancialourstatements.audit in accordanceThe procedureswith Canadianselectedgenerallydepend onacceptedour judgment,auditingincludingstandards.the assessmentThose standardsof therequirerisks ofthatmaterialwe complymisstatementwith ethicalof therequirementsconsolidatedandfinancialplan andstatements,perform the audit towhetherobtainduereasonableto fraud orassuranceerror. In makingaboutthosewhetherrisktheassessments,consolidatedwefinancialconsiderstatementsinternal controlare freerelevantfromto thematerialentity’smisstatement.preparation and fair presentation of the consolidated financial statements in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressingAn auditaninvolvesopinionperformingon the effectivenessproceduresoftotheobtainentity’sauditinternalevidencecontrol.aboutAntheauditamountsalso includesand disclosuresevaluatingin the consolidatedthe appropriatenessfinancialofstatements.accountingThepoliciesproceduresused andselectedthe reasonablenessdepend on ourofjudgment,accountingincludingestimatesthe assessmentmade by management,of the risks ofasmaterialwell asmisstatementevaluating theofoverallthe consolidatedpresentationfinancialof the consolidatedstatements,financialwhetherstatements.due to fraud or error. In making those risk assessments, we consider internal control relevantto the entity’s preparation and fair presentation of the consolidated financial statements in order toWe believedesignthataudittheproceduresaudit evidencethat areweappropriatehave obtainedin theis sufficientcircumstances,and appropriatebut not fortotheprovidepurposea basisoffor ourexpressingaudit opinion.an opinion on the effectiveness of the entity’s internal control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by management, as well as evaluating the overall presentation of the consolidatedOpinion financial statements.In our We opinion, believe the that consolidated the audit evidence financial we statements have obtained present is sufficient fairly, in all and material appropriate respects, to provide the a basisconsolidated for our audit financial opinion. position of the Corporation of the Town of Oakville as at December 31, 2010,and its consolidated results of operations, its consolidated changes in net financial assets and itsconsolidated cash flows for the year then ended in accordance with Canadian public sectoraccounting standards.2KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG networkof independent member firms affiliated with KPMG International Cooperative (“KPMGInternational”), a Swiss entity.KPMG Canada provides services to KPMG LLP.Chartered Accountants, Licensed International”), Public a Swiss entity. AccountantsJune 20, 2011Hamilton, CanadaKPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG networkof independent member firms affiliated with KPMG International Cooperative (“KPMGKPMG Canada provides services to KPMG LLP.2Town of Oakville 2010 Annual Report | 22