Twenty-First Century Fox 2006 Annual Report Download - page 70

Download and view the complete annual report

Please find page 70 of the 2006 Twenty-First Century Fox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 134

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134

Report of Independent Registered PublicAccounting Firm
on Financial Statements
To the Stockholders and Board of Directors of News Corporation:
We have audited the accompanying consolidated balance sheets of News Corporation as of June 30, 2006 and 2005,
and the related consolidated statements of operations, cash flows, and stockholders’ equity and other comprehensive
income (loss) for each of the three years in the period ended June 30, 2006. These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our
audits.
We conductedouraudits 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 freeofmaterial misstatement. An audit includes examining, on atest basis, evidence support-
ing 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 consolidatedfinan-
cial position of News Corporation at June 30, 2006 and 2005, and the consolidatedresults of their operations and their
cash flows for each of the three years in the period ended June 30, 2006, in conformity with U.S. generally accepted
accounting principles.
As discussed in Note 2to the financial statements, effective July 1, 2005, the Company changed its method of account-
ing for stock based compensation and the valuation of certain acquired identifiable intangible assets.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the effectiveness of News Corporation’s internal control over financial reporting as of June 30, 2006, based on cri-
teria established in Internal Control-Integrated Framework issued by the Committeeof Sponsoring Organizations of the
Treadway Commission and our report dated August 22,2006 expressed an unqualified opinion thereon.
New York, New York
August 22, 2006
70 NEWS CORPORATION