Annual Reports - RTÉ

ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2007Independent Auditor’s ReportAs Auditors appointed by the Ministerfor Communications, Energy and NaturalResources, we have audited the RTÉand Group financial statements (‘thefinancial statements’) for the year ended31 December 2007 which comprise theGroup Income Statement, the RTÉ andGroup Balance Sheets, the RTÉ and GroupCash Flow Statements, the RTÉ and GroupStatements of Recognised Income andExpense and the related notes. Thesefinancial statements have been preparedunder the accounting policies set out therein.This report is made solely to the Ministerfor Communications, Energy and NaturalResources (the “Minister”). Our audit workhas been undertaken so that we mightstate to the Minister those matters weare required to state to him in an auditors’report and for no other purpose. To thefullest extent permitted by law, we donot accept or assume responsibility toanyone other than RTÉ and the Minister,for our audit work, for this report, or for theopinions we have formed.Respective responsibilities of theAuthority and auditorsThe Authority members’ responsibilitiesfor preparing the Annual Report and theGroup financial statements in accordancewith applicable law and InternationalFinancial Reporting Standards (IFRSs)as adopted by the EU are set out inthe statement of Authority members’responsibilities on page 38.Our responsibility is to audit the financialstatements in accordance with relevantlegal and regulatory responsibilities andInternational Standards on Auditing (UKand Ireland).We report to you our opinion as to whetherthe financial statements give a true and fairview in accordance with IFRSs as adoptedby the EU and, in the case of RTÉ as appliedin accordance with the provisions of relevantbroadcasting legislation. We also report toyou whether, in our opinion, proper books ofaccount have been kept by RTÉ and whetherthe information in the Annual Report isconsistent with the financial statements. Inaddition, we state whether we have obtainedall the information necessary for thepurposes of our audit and whether the RTÉfinancial statements are in agreement withthe books of account.We review, at the request of the Authority,whether the corporate governance statementon pages 34 to 36 reflects the Group’scompliance with the provision of the Code ofPractice for the Governance of State Bodiesthat is specified for review by auditors andwe report if those statements do not in factreflect the Group’s compliance. We are notrequired to consider whether the Authority’sstatements on internal control cover allrisks and controls, or form an opinion onthe effectiveness of the Group’s corporategovernance procedures or its risk andcontrol procedures.We read the other information containedin the Annual Report and considerwhether it is consistent with the auditedfinancial statements. This other informationcomprises the Authority Members’ report,the Chairman’s statement, the Director-General’s review, operational review,financial review and corporate governancestatement. We consider the implicationsfor our report if we become aware ofany apparent misstatements or materialinconsistencies with the financial statements.Our responsibilities do not extend to anyother information.Basis of audit opinionWe conducted our audit in accordance withInternational Standards on Auditing (UK andIreland) issued by the Auditing PracticesBoard. An audit includes examination, ona test basis, of evidence relevant to theamounts and disclosures in the financialstatements. It also includes an assessmentof the significant estimates and judgementsmade by the Authority in the preparation ofthe financial statements, and of whether theaccounting policies are appropriate to theGroup’s circumstances, consistently appliedand adequately disclosed.We planned and performed our audit so asto obtain all the information and explanationswhich we considered necessary in orderto provide us with sufficient evidenceto give reasonable assurance that thefinancial statements are free from materialmisstatement, whether caused by fraudor other irregularity or error. In formingour opinion we also evaluated the overalladequacy of the presentation of informationin the financial statements.OpinionIn our opinion• the Group financial statements give a trueand fair view, in accordance with IFRSsas adopted by the EU, of the state of theGroup’s affairs as at 31 December 2007and of its surplus of the year then ended;• the RTÉ financial statements give a trueand fair view in accordance with IFRSsas adopted by the EU and as appliedin accordance with the provisions ofbroadcasting legislation, of the state ofRTÉ’s affairs as at 31 December 2007; and• the financial statements have been properlyprepared in accordance with broadcastinglegislation.We have obtained all the information andexplanations we considered necessary forthe purposes of our audit. In our opinion,proper books of account have been kept byRTÉ. RTÉ’s balance sheet is in agreementwith the books of account.In our opinion, the information given in theAuthority members’ report is consistent withthe financial statements.KPMGChartered AccountantsRegistered AuditorDublin13 March 200839