Aer Lingus 2010 Annual Report Download - page 44

42 Independent Auditors’ Report Aer Lingus Group Plc – Annual Report 2010
We have audited the fi nancial statements of Aer Lingus Group plc for
the year ended 31 December 2010 on pages 44 to 89 which comprise,
the Consolidated Income Statement, the Consolidated Statement of
Comprehensive Income , the Consolidated and Company Statements
of Financial Position, the Consolidated and Company Statements of
Changes in Equity, the Consolidated Statement of Cash Flows, and the
related notes. These fi nancial statements have been prepared under
the accounting policies set out therein.
Respective responsibilities of directors
and auditors
The directors’ responsibilities for preparing the Annual Report and the
fi nancial statements, in accordance with applicable Irish law and
International Financial Reporting Standards (IFRSs) as adopted by the
European Union, are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the fi nancial statements in accordance
with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland). This report, including the
opinion, has been prepared for and only for the company’s members
as a body in accordance with Section 193 of the Companies Act, 1990
and for no other purpose. We do not, in giving this opinion, accept or
assume responsibility for any other purpose or to any other person to
whom this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the group fi nancial
statements give a true and fair view, in accordance with IFRSs as
adopted by the European Union. We report to you our opinion as to
whether the parent fi nancial statements give a true and fair view, in
accordance with IFRSs as adopted by the European Union as applied in
accordance with the provisions of the Companies Acts 1963 to 2009. We
also report to you whether the fi nancial statements have been properly
prepared in accordance with Irish statute comprising the Companies
Acts, 1963 to 2009 and Article 4 of the IAS Regulation. We state
whether we have obtained all the information and explanations we
consider necessary for the purposes of our audit, and whether the
company statement of fi nancial position is in agreement with the
books of account. We also report to you our opinion as to:
• whether the company has kept proper books of account;
• whether the directors’ report is consistent with the financial
statements; and
• whether at the statement of financial position date there existed a
financial situation which may require the company to convene an
extraordinary general meeting of the company; such a financial
situation may exist if the net assets of the company, as stated in
the company statement of financial position, are not more than
half of its called-up share capital.
We also report to you if, in our opinion, any information specifi ed by
law or the Listing Rules of the Irish Stock Exchange regarding directors’
remuneration and directors’ transactions is not disclosed and, where
practicable, include such information in our report.
We are required by law to report to you our opinion as to whether the
description in the Corporate Governance Statement of the main features
of the internal control and risk management systems in relation to the
process for preparing the group fi nancial statements is consistent with
the group fi nancial statements. In addition, we review whether the
Corporate Governance Statement refl ects the company’s compliance
with the nine provisions of the 2008 Combined Code specifi ed for our
review by the Listing Rules of the Irish Stock Exchange, and we report
if it does not. We are not required to consider whether the board’s
statements on internal control cover all risks and controls, or form
an opinion on the effectiveness of the group’s corporate governance
procedures or its risk and control procedures.
We read the other information contained in the Annual Report and
consider whether it is consistent with the audited fi nancial statements.
The other information comprises only the Chairman’s Statement, the
Chief Executive Offi cer’s Review, the Operating and Financial Review,
the Principal Risks and Uncertainties, the Safety & Security Statement,
the Corporate Social Responsibility Statement, the Directors’ Report and
the Report of the Remuneration Committee on Directors’ Remuneration.
We consider the implications for our report if we become aware of any
apparent misstatements or material inconsistencies with the fi nancial
statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on
Auditing (UK and Ireland) issued by the Auditing Practices Board. An
audit includes examination, on a test basis, of evidence relevant to the
amounts and disclosures in the fi nancial statements. It also includes an
assessment of the signifi cant estimates and judgments made by the
directors in the preparation of the fi nancial statements, and of whether
the accounting policies are appropriate to the group’s and company’s
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information
and explanations which we considered necessary in order to provide us
with suffi cient evidence to give reasonable assurance that the fi nancial
statements are free from material misstatement, whether caused by
fraud or other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of information
in the fi nancial statements.
Independent Auditors’ Report
To the members of Aer Lingus Group plc