Annual Report 2007 in PDF - Cairn Energy PLC
Annual Report 2007 in PDF - Cairn Energy PLC
Annual Report 2007 in PDF - Cairn Energy PLC
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CAIRN ENERGY <strong>PLC</strong><br />
CONTINUED<br />
Basis of audit op<strong>in</strong>ion<br />
We conducted our audit <strong>in</strong> accordance with International Standards on Audit<strong>in</strong>g (Uk and Ireland) issued by the Audit<strong>in</strong>g<br />
Practices Board. An audit <strong>in</strong>cludes exam<strong>in</strong>ation, on a test basis, of evidence relevant to the amounts and disclosures <strong>in</strong> the<br />
f<strong>in</strong>ancial statements and the part of the Directors’ Remuneration <strong>Report</strong> to be audited. It also <strong>in</strong>cludes an assessment of the<br />
significant estimates and judgments made by the directors <strong>in</strong> the preparation of the f<strong>in</strong>ancial statements, and of whether the<br />
account<strong>in</strong>g policies are appropriate to the group’s and company’s circumstances, consistently applied and adequately disclosed.<br />
We planned and performed our audit so as to obta<strong>in</strong> all the <strong>in</strong>formation and explanations which we considered necessary<br />
<strong>in</strong> order to provide us with sufficient evidence to give reasonable assurance that the f<strong>in</strong>ancial statements and the part of the<br />
Directors’ Remuneration <strong>Report</strong> to be audited are free from material misstatement, whether caused by fraud or other irregularity<br />
or error. In form<strong>in</strong>g our op<strong>in</strong>ion we also evaluated the overall adequacy of the presentation of <strong>in</strong>formation <strong>in</strong> the f<strong>in</strong>ancial<br />
statements and the part of the Directors’ Remuneration <strong>Report</strong> to be audited.<br />
Op<strong>in</strong>ion<br />
In our op<strong>in</strong>ion:<br />
• the group f<strong>in</strong>ancial statements give a true and fair view, <strong>in</strong> accordance with IFRSs as adopted by the European Union, of the<br />
state of the group’s affairs as at 31 December <strong>2007</strong> and of its profit for the year then ended;<br />
• the parent company f<strong>in</strong>ancial statements give a true and fair view, <strong>in</strong> accordance with IFRSs as adopted by the European<br />
Union as applied <strong>in</strong> accordance with the provisions of the Companies Act 1985, of the state of the parent company’s affairs as<br />
at 31 December <strong>2007</strong>;<br />
• the f<strong>in</strong>ancial statements and the part of the Directors’ Remuneration <strong>Report</strong> to be audited have been properly prepared <strong>in</strong><br />
accordance with the Companies Act 1985 and, as regards the group f<strong>in</strong>ancial statements, Article 4 of the IAS Regulation; and<br />
• the <strong>in</strong>formation given <strong>in</strong> the directors’ report is consistent with the f<strong>in</strong>ancial statements.<br />
Ernst & Young LLP<br />
Registered auditor<br />
London<br />
11 April 2008<br />
70 CAIRN ENERGY <strong>PLC</strong> ANNUAL REPORT <strong>2007</strong>