sport club corinthians paulista

sPort club
corinthians
Paulista
financial stateMents followed
by the independent auditors
report – 31 st of deceMber 2011
contents
OPINION OF INDEPENDENT AUDITORS
ChART 1 – BALANCE ShEET
ChART 2 – INCOME STATEMENT
ChART 3 – CASh FLOW STATEMENT
ChART 4 – VALUE ADDED STATEMENT
ChART 5 – STATEMENT OF ChANGES IN NET EqUITy
ASSURANCE REPORT
indePendent auditor’s
rePort on financial statements
the ManaGeMent, counselors and MeMbers of sport club corinthians paulista - sccp
We have audited the accompanying
financial statements of Sport Club
Corinthians Paulista – SCCP (“the Club”),
which comprise the balance sheet as
at December 31, 2011, and the related
income statement, statement of changes
in equity and cash flow statement for
the year then ended, and a summary of
significant accounting practices and other
explanatory information.
MANAgEMENT'S RESPONSiBiLiTY
FOR ThE FiNANCiAL STATEMENTS
The Club’s Management is responsible
for the preparation and fair presentation
of these financial statements in
accordance with accounting practices
adopted in Brazil, 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 audit. We conducted
our audit in accordance with Brazilian
and International Standards on Auditing.
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 Company's preparation and fair
presentation of the Company’s 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 Company's internal control.
An audit also includes evaluating the
appropriateness of accounting practices
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 is sufficient and
appropriate to provide a basis for our
audit opinion.
OPiNiON
In our opinion, the financial statements
referred to above present fairly, in all
material respects, the financial position
of Sport Club Corinthians Paulista - SCCP
as of December 31, 2011, and its financial
performance and its cash flows for the
year then ended in accordance with
accounting practices adopted in Brazil.
EMPhASiS OF A MATTER
As described in Note 10, the Club filed
its request to adhere to the rules of the
lottery named “Timemania” under Laws
No. 11.345/06 and 11.505/07 and Decree
No, 6.187/07, which provide that the
remuneration of the Clubs that adhere to
the lottery should compulsorily be used
for paying the tax liabilities owed to the
Brazilian Internal Revenue Offices and
Social Security. Despite the understanding
of the Club’s Management and of their
legal advisors concerning the adhesion of
the Club to such lottery, the formal and
fs//
definitive homologation of the request to
adhere to the Timemania lottery is under
the process of being approved by the
respective managing body.
OThER MATTERS
Statement of value added (Sva) - We
have also audited the Statement of Value
Added for the year ended December
31, 2011, the presentation of which is
required by Brazilian corporation law for
publicly held companies and is optionally
disclosed by the Club. The Statement of
Value Added has been subject to the same
auditing procedures described above
and, in our opinion, are presented fairly,
in all material respects, in relation to the
overall financial statements.
audit of prior year corresponding
figures - The financial statements of
Sport Club Corinthians Paulista - SCCP
for the year ended December 31, 2010,
presented for comparison purposes, were
audited by another independent auditor,
the report of which, issued on January 31,
2011, contained an emphasis of a matter
similar to the paragraph above.
São Paulo, the 27 th of January of 2012
DAVID ELIAS FERNANDES MARINhO
Assurance Partner CRC 1SP-245.857/O-3
Grant Thornton Auditores Independentes
CRC 2SP-025.583/O-1
relatório de
sustentabilidade 2011 67