Rogers 2014 Annual Report Download - page 91

CONSOLIDATED FINANCIAL STATEMENTS
Management’s Responsibility for Financial Reporting
December 31, 2014
The accompanying consolidated financial statements of Rogers
Communications Inc. and its subsidiaries and all the information in
Management’s Discussion and Analysis (MD&A) are the responsibility
of management and have been approved by the Board of Directors.
Management has prepared the consolidated financial statements in
accordance with International Financial Reporting Standards as issued
by the International Accounting Standards Board. The consolidated
financial statements include certain amounts that are based on
management’s best estimates and judgements 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 MD&A
and has ensured that it is consistent with the consolidated financial
statements.
Management has developed and maintains a system of internal
controls that further enhances the integrity of the consolidated financial
statements. The system of internal controls is supported by the internal
audit function and includes management communication to
employees about its policies on ethical business conduct.
Management believes these 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
• properly account for and safeguard the assets of Rogers
Communications Inc. and its subsidiaries.
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 of Directors carries out this responsibility through its Audit
Committee.
The Audit Committee meets regularly 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 MD&A, the consolidated financial
statements and the external auditors’ report. The Audit Committee
reports its findings to the Board of Directors for its consideration when
approving the consolidated financial statements for issuance to the
shareholders. The Audit Committee also considers the engagement or
re-appointment of the external auditors before submitting it to the
Board of Directors for review and for shareholder approval.
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 13, 2015
Guy Laurence
President and Chief Executive
Officer
Anthony Staffieri, FCPA, FCA
Chief Financial Officer
Independent Auditors’ Report
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, 2014 and 2013,
the consolidated statements of income, comprehensive income,
changes in shareholders’ equity and cash flows for the years ended
December 31, 2014 and 2013, 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 judgement,
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, 2014 and 2013, and its
consolidated financial performance and its consolidated cash flows for
the years ended December 31, 2014 and 2013 in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board.
Chartered Professional Accountants, Licensed Public Accountants
February 13, 2015
Toronto, Canada
2014 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 87