Rogers 2011 Annual Report Download - page 82

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING
December 31, 2011
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 International Financial Reporting
Standards. 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 21, 2012
Nadir H. Mohamed, FCA
President and
Chief Executive Officer
William W. Linton, FCA
Executive Vice President,
Finance and Chief Financial Officer
INDEPENDENT AUDITORS’ REPORT OF REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS OF ROGERS COMMUNICATIONS INC.:
We have audited the accompanying consolidated financial statements
of Rogers Communications Inc., which comprise the consolidated
statements of financial position as at December 31, 2011,
December 31, 2010 and January 1, 2010, the consolidated statements
of income, comprehensive income, changes in shareholders’ equity
and cash flows for the years ended December 31, 2011 and
December 31, 2010, 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
International Financial Reporting Standards as issued by the
International Accounting Standards Board, 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 consolidated financial position of Rogers
Communications Inc. as at December 31, 2011, December 31, 2010 and
January 1, 2010, and its consolidated financial performance and its
consolidated cash flows for the years ended December 31, 2011 and
December 31, 2010 in accordance with International Financial
Reporting Standards as issued by the International Accounting
Standards Board.
Chartered Accountants, Licensed Public Accountants
Toronto, Canada
February 21, 2012
78 ROGERS COMMUNICATIONS INC. 2011 ANNUAL REPORT