Rogers 2010 Annual Report Download - page 76

80 ROGERS COMMUNICATIONS INC. 2010 ANNUAL REPORT
MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING
DECEMBER 31, 2010
INDEPENDENT AUDITORS’ REPORT OF
REGISTERED PUBLIC ACCOUNTING FIRM
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 consolidated financial statements have been prepared by
management in accordance with Canadian generally accepted
accounting principles. The consolidated 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 consolidated financial statements.
Management of Rogers Communications Inc., in furtherance of the
integrity of the consolidated 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 consolidated 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 consolidated 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 consolidated financial statements and the external auditors’ report.
The Audit Committee reports its findings to the Board of Directors for
consideration when approving the consolidated financial statements
for issuance to the shareholders. The Audit Committee also considers,
for review by the Board of Directors and approval by the shareholders,
the engagement or re-appointment of the external auditors.
The consolidated financial statements have been audited by KPMG LLP,
the external auditors, in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting
Oversight Board (United States) on behalf of the shareholders. KPMG
LLP has full and free access to the Audit Committee.
February 28, 2011
TO THE SHAREHOLDERS OF ROGERS COMMUNICATIONS INC.:
We have audited the accompanying consolidated financial statements
of Rogers Communications Inc. and its subsidiaries, which comprise the
consolidated balance sheets as at December 31, 2010 and 2009, the
consolidated statements of income, shareholders’ equity,
comprehensive income and cash flows for the years then ended, and
notes, comprising a summary of significant accounting policies and
other explanatory information.
Management’s Responsibility for the Consolidated Financial
Statements
Management is responsible for the preparation and fair presentation of
these consolidated financial statements in accordance with Canadian
generally accepted accounting principles, and for such internal control
as management determines is necessary to enable the preparation of
consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated
financial statements based on our audits. We conducted our audits in
accordance with Canadian generally accepted auditing standards and
the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error. In
making those risk assessments, we consider internal control relevant to
the entity’s preparation and fair presentation of the consolidated
financial statements in order to design audit procedures that are
appropriate in the circumstances. 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 consolidated financial statements.
We believe that the audit evidence we have obtained in our audits is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in
all material respects, the financial position of Rogers Communications
Inc. and its subsidiaries as at December 31, 2010 and 2009 and the
results of their operations and their cash flows for the years then ended
in accordance with Canadian generally accepted accounting principles.
Chartered Accountants, Licensed Public Accountants
Toronto, Canada
February 28, 2011
Nadir H. Mohamed, FCA
President and
Chief Executive Officer
William W. Linton, CA
Executive Vice President, Finance
and Chief Financial Officer