Time Magazine 2015 Annual Report Download - page 129

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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,
2015 and 2014, 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, 2015. 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, 2015 and 2014, and the consolidated results of its operations and its cash flows for
each of the three years in the period ended December 31, 2015, 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, 2015, based on criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013
framework) and our report dated February 25, 2016 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
New York, New York
February 25, 2016
115