Rogers 2003 Annual Report Download - page 73

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2003 Annual ReportRogers Communications Inc. 71
The accompanying consolidated financial statements of Rogers Communications Inc. and its subsidiaries and all the infor-
mation in Management’s Discussion and Analysis are the responsibility of management and have been approved by the
Board of Directors.
The financial statements have been prepared by management in accordance with Canadian generally accepted
accounting principles. The financial statements include certain amounts that are based on the best estimates and judge-
ments of management, and in their opinion present fairly, in all material respects, Rogers Communications Inc.’s financial
position, results of operations and cash flows. Management has prepared the financial information presented elsewhere
in Management’s Discussion and Analysis and has ensured that it is consistent with the financial statements.
Management of Rogers Communications Inc., in furtherance of the integrity of the financial statements, has devel-
oped and maintains a system of internal controls, which is supported by the internal audit function. Management believes
the internal controls provide reasonable assurance that transactions are properly authorized and recorded, financial
records are reliable and form a proper basis for the preparation of financial statements and that Rogers Communications
Inc.’s assets are properly accounted for and safeguarded. The internal control processes include management’s communi-
cation to employees of policies that govern ethical business conduct.
The Board of Directors is responsible for overseeing management’s responsibility for financial reporting and is
ultimately responsible for reviewing and approving the financial statements. The Board carries out this responsibility
through its Audit Committee.
The Audit Committee meets periodically with management, as well as the internal and external auditors, to discuss
internal controls over the financial reporting process, auditing matters and financial reporting issues; to satisfy itself that
each party is properly discharging its responsibilities; and, to review Management’s Discussion and Analysis, the financial
statements and the external auditors’ report. The Audit Committee reports its findings to the Board for consideration
when approving the financial statements for issuance to the shareholders. The Committee also considers, for review by
the Board and approval by the shareholders, the engagement or re-appointment of the external auditors.
The financial statements have been audited by KPMG LLP, the external auditors, in accordance with Canadian gener-
ally accepted auditing standards on behalf of the shareholders. KPMG LLP has full and free access to the Audit Committee.
Edward S. Rogers, O.C. Alan D. Horn, C.A.
President and Chief Executive Officer Vice President, Finance and Chief Financial Officer
Auditors’ Report to the Shareholders
We have audited the consolidated balance sheets of Rogers Communications Inc. as at December 31, 2003 and 2002 and
the consolidated statements of income, deficit and cash flows for the years then ended. These financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards
require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in all material respects, the financial posi-
tion of the Company as at December 31, 2003 and 2002 and the results of its operations and its cash flows for the years
then ended in accordance with Canadian generally accepted accounting principles. As required by the Company Act
(British Columbia), we report that, in our opinion, these principles have been applied, after giving retroactive effect to
the change in the accounting policy relating to asset retirement obligations (note 2(d)) and except for the change in the
method of accounting for long-lived assets (note 2(e)), on a basis consistent with that of the preceding year.
Chartered Accountants
Toronto, Canada
January 28, 2004
Management’s Responsibility for Financial Reporting
December 31, 2003