Ryanair 2004 Annual Report Download - page 25

(Continued)
I n d e p e n d e nt Auditors Re p o rt to the Me m b ers of Rya n a i r Holdings plc 25
A N N U A L R E P O RT & F I N A N C I A L S T A T E M E N T S 2 0 0 4
Respective Responsibilities of
Directors and Auditors (Continued)
We report to you our opinion as to whether the financial
statements give a true and fair view and are properly prepared
in accordance with the Companies Acts. As also required by the
Acts, we state whether we have obtained all the information and
explanations we require for our audit, whether the company’s
balance sheet is in agreement with the books of account, and
report to you our opinion as to whether:
• the company has kept proper books of account;
• the dire c to r s’ re p o r t is co n s i stent with the fi n a n c i a l
statements;
•at the balance sheet date a financial situation existed that
may require the company to hold an extraordinary general
meeting, on the grounds that the net assets of the company,
as shown in the financial statements, are less than half of its
share capital.
We also report to you if, in our opinion, information specified by
Law or the Listing Rules regarding directors’ remuneration and
transactions with the group is not disclosed.
We review whether the statement on pages 16 to 19 reflects the
group’s compliance with the seven provisions of the Combined
Code specified for our review by the Irish Stock Exchange, and
we report if it does not. We are not required to consider whether
the Board’s statements on internal control cover all risks and
controls, or form an opinion on the effectiveness of the group’s
co r p o ra te gove r n a n ce pro ce d u res or its risk and co n t ro l
procedures.
We read the other information contained in the annual report,
including the corporate governance statement, and consider
whether it is consistent with the audited financial statements.
We consider the implications for our report if we become aware
of any apparent misstatements or material inconsistencies with
the financial statements.
Basis of Audit Opinion
We conducted our audit in accordance with Auditing Standards
i ssued by the Auditing Pra c t i ces Bo a rd. An audit includes
examination, on a test basis, of evidence relevant to the
amounts and disclosures in the financial statements. It also
i n c l u d es an assessment of the signifi cant est i m a tes and
judgements made by the directors in the preparation of the
financial statements, and of whether the accounting policies are
appropriate to the group’s circumstances, consistently applied
and adequately disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in
order to provide us with sufficient evidence to give reasonable
assurance that the financial statements are free from material
misstatement whether caused by fraud or other irregularity or
error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial
statements.
Opinion
In our opinion, the financial statements give a true and fair view
of the state of affairs of the group and the company at March 31,
2004 and of the profit of the group for the year then ended and
have been properly prepared in accordance with the Companies
Acts, 1963 to 2003 and all Regulations to be construed as one
with those Acts.
We have obtained all the information and explanations we
considered necessary for the purposes of our audit. In our
opinion, proper books of account have been ke pt by the
company. The balance sheet of the company is in agreement
with the books of account.
In our opinion, the information given in the directors’ report on
pages 14 to 19is consistent with the financial statements.
The net assets of the company as stated on the balance sheet on
page 33 are more than half of the amount of its called up share
capital, and, in our opinion, on that basis, there did not exist at
March 31, 2004 a financial situation which, under Section 40(1)
of the Companies (Amendment) Act 1983, would require the
convening of an extraordinary general meeting of the company.
Chartered Accountants
Registered Auditors, Dublin, Ireland
August 13, 2004