Annual and Sustainability Report 2011 - Teracom

Auditor's report
To the AGM in Teracom Group AB, CIN 556842-4856
Report on the annual report and consolidated financial
statements
We have audited the annual report and consolidated financial
statements of Teracom Group AB for 2011. The company's
annual report and consolidated financial statements are
included in the printed version of this document on pages
44–89.
The responsibility of the Board of Directors and the
President/CEO for the annual report and consolidated
financial statements
The Board of Directors and the President/CEO are responsible
for preparing an annual report that presents a true and
fair view in accordance with the Annual Accounts Act and
consolidated financial statements that present a true and fair
view in accordance with the IFRS international accounting
standards, as adopted by the EU, and the Annual Accounts
Act, and for the internal control that the Board of Directors
and the President/CEO deem to be necessary to prepare an
annual report and consolidated financial statements that are
free of material misstatement, whether such are the result of
falsifications or errors.
Responsibility of the auditor
Our responsibility is to express our opinion on the annual
report and the consolidated financial statements based on
our audit. We conducted the audit in accordance with the
International Standards on Auditing and generally accepted
auditing standards in Sweden. These standards require that
we apply professional moral requirements and plan and
carry out the audit in such a manner as to assure reasonable
certainty that the annual report and consolidated financial
statements are free of material misstatement.
An audit entails obtaining through different measures
audit evidence regarding amounts and other information
in the annual report and consolidated financial statements.
The auditor decides the measures that will be conducted,
in part by assessing the risks for material misstatement in
the annual report and consolidated financial statements,
regardless whether these misstatements are due to falsifications
or error. When conducting this risk assessment, the
auditor takes into account the areas of internal control that
are relevant for how the company prepares its annual report
and consolidated financial statements in order to present a
true and fair view, with the intention of designing auditing
measures that are appropriate given the circumstances, but
not with the intention of making a statement regarding the
efficiency of the company's internal control. An audit also
entails evaluating the appropriateness of the accounting
principles applied and the plausibility of the estimations
made by the board of directors and the managing director
in the report, as well as evaluating the overall presentation
of the annual report and consolidated financial statements.
We believe the audit evidence we obtained to provide a
sufficient and appropriate base for our statement.
Opinion
It is our opinion that the annual report has been prepared in
accordance with the Annual Accounts Act and in all material
aspects provides a true and fair view of the Parent Company's
financial position as of 31 December 2011 and the financial
results and cash flows for the year in accordance with the
Annual Accounts Act, and that the consolidated financial
statements were prepared in accordance with the Annual
Accounts Act and provide in all material aspects a true and
fair view of the Group's financial position as of 31 December
2011 and its results and cash flows in accordance with the
international accounting standards, as adopted by EU, and
the Annual Accounts Act. A Corporate Governance Report
has been prepared. The Directors’ Report and the Corporate
Governance Report are consistent with the other parts of the
annual report and the consolidated financial statements.
We therefore recommend to the Annual General Meeting
that the income statement and balance sheet for the Parent
Company and the Group be adopted.
Reports on other requirements in accordance with laws
and other regulations
In addition to our audit of the annual report and consolidated
financial statements, we also audited the proposed
appropriations regarding the company's profit or loss and
the Board of Director's and the President/CEO's administration
of the Teracom Group AB for 2011.
The responsibility of the Board of Director and the President/
CEO
It is the responsibility of the Board of Directors to propose
the appropriations regarding the company's profit or loss,
and it is the responsibility of the Board of Directors and the
President/CEO for administration in accordance with the
Companies Act.
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