Time Magazine 2011 Annual Report Download - page 127

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TIME WARNER INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders of
Time Warner Inc.
We have audited the accompanying consolidated balance sheets of Time Warner Inc. (“Time Warner”) as of
December 31, 2011 and 2010, and the related consolidated statements of operations, comprehensive income, cash
flows and equity for each of the three years in the period ended December 31, 2011. Our audits also included the
Supplementary Information and Financial Statement Schedule II listed in the index at Item 15(a). These financial
statements, supplementary information and schedule are the responsibility of Time Warner’s management. Our
responsibility is to express an opinion on these financial statements, supplementary information and schedule
based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. 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. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Time Warner at December 31, 2011 and 2010, and the consolidated results of its operations
and its cash flows for each of the three years in the period ended December 31, 2011, in conformity with
U.S. generally accepted accounting principles. Also, in our opinion, the related Supplementary Information and
Financial Statement Schedule, when considered in relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), Time Warner’s internal control over financial reporting as of December 31, 2011, based on
criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated February 24, 2012 expressed an unqualified
opinion thereon.
Ernst & Young LLP
/s/ Ernst & Young LLP
New York, NY
February 24, 2012
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