Rogers 2005 Annual Report Download - page 101

Download and view the complete annual report

Please find page 101 of the 2005 Rogers annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 154

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

The accompanying consolidated financial statements of Rogers Communications Inc. and its subsidiaries and all the information
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 judgments
of management and in their opinion present fairly, in all material respects, Rogers Communications lnc.’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 developed
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 lnc.’s assets are properly
accounted for and safeguarded. The internal control processes include management’s communication 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 generally
accepted auditing standards on behalf of the shareholders. KPMG LLP has full and free access to the Audit Committee.
February 7, 2006
Edward “Ted” S. Rogers, OC Alan D. Horn. CA
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, 2005 and 2004 and the con-
solidated 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 misstate-
ment. 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 position of
the Company as at December 31, 2005 and 2004 and the results of its operations and its cash flows for the years then ended in
accordance with Canadian generally accepted accounting principles.
Chartered Accountants
Toronto, Canada
February 7, 2006, except as to notes 23 and 24 which are as of March 1, 2006
Management’s Responsibility for Financial Reporting
DE CE MBE R 31 , 20 0 5
97 ROGERS 2005 ANNUAL REPORT . MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING / AUDITORS’ REPORT TO THE SHAREHOLDERS