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REC Annual Report 2011
154
KPMG AS
Telephone +47 04063
P.O. Box 7000 Majorstuen
Fax
+47 22 60 96 01
Sørkedalsveien 6
Internet
www.kpmg.no
N-0306 Oslo
Enterprise 935 174 627 MVA
KPMG AS, a Norwegian member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG
International”), a Swiss entity.
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To the Annual Shareholders’ Meeting of Renewable Energy Corporation ASA
INDEPENDENT AUDITOR’S REPORT
Report on the Financial Statements
We have audited the accompanying financial statements of Renewable Energy Corporation ASA,
which comprise the financial statements of the parent company Renewable Energy Corporation
ASA and the consolidated financial statements of Renewable Energy Corporation ASA and its
subsidiaries. The parent company’s financial statements comprise the balance sheet as at 31
December 2011, the income statement and cash flow statement for the year then ended, and a
summary of significant accounting policies and other explanatory information. The consolidated
financial statements comprise the statement of financial position as at 31 December 2011, and the
income statement and the statement of other comprehensive income, statement of changes in
equity and cash flow statement for the year then ended, and a summary of significant accounting
policies and other explanatory information.
The Board of Directors and the Managing Director’s Responsibility for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation and fair
presentation of the parent company financial statements in accordance with the Norwegian
Accounting Act and generally accepted accounting standards and practices in Norway and for
the consolidated financial statements in accordance with International Financial Reporting
Standards as adopted by the EU, and for such internal control as the Board of Directors and the
Managing Director determine 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 laws, regulations, and auditing standards and practices
generally accepted in Norway, including 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 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.
AUDITOR’S
REPORT