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A member firm of Ernst & Young Global Limited
Statsautoriserte revisorer Ernst & Young AS
Christian Frederiks pl. 6, NO-0154 Oslo Oslo Atrium, P.O.Box 20, NO-0051 Oslo Foretaksregisteret: NO 976 389 387 MVA Tlf: +47 24 00 24 00 Fax: +47 24 00 24 01 www.ey.no
Medlemmer av Den norske Revisorforening
To the Annual Shareholders’ Meeting of Polarcus Limited
Auditor’s report for 2009
We have audited the accompanying annual financial statements of Polarcus Limited, which comprise the financial statements of the parent company and the group. The financial statements of the parent company comprise the statement of comprehensive income, balance sheet, statements of cash flows and changes in equity as well as the explanatory notes. The financial statements of the group comprise the consolidated income statement, statement of comprehensive income, balance sheet, statements of cash flows and changes in equity as well as a summary of significant accounting policies and other explanatory notes.
The Board of Directors and management are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 entity’s preparation and fair presentation of the 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies 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.
In our opinion, the financial statements present fairly, in all material respects, the financial position of Polarcus Limited and Polarcus Group as of 31 December 2009, and the financial performance, cash flows and changes in equity for the year then ended in accordance with International Financial Reporting Standards.
Oslo, 25 March 2010 E RNST & Y OUNG AS Anders Gøbel
State Authorized Public Accountant (Norway)
29-Mar-10 16:13:14
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