Virgin Media 2006 Annual Report Download - page 82

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
Virgin Media Inc.
We have audited the accompanying consolidated balance sheets of Virgin Media Inc. (formerly known as NTL Incorporated) and
subsidiaries as of December 31, 2006 and 2005, and the related consolidated statements of income, shareholders’ equity, and cash
flows for each of the three years in the period ended December 31, 2006. Our audits also included the financial statement schedules
listed in the Index at Item 15(d). These financial statements and schedules are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements and schedules 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 Virgin Media Inc. and subsidiaries at December 31, 2006 and 2005, and the consolidated results of their operations and
their cash flows for each of the three years in the period ended December 31, 2006, in conformity with U.S. generally accepted
accounting principles. Also, in our opinion, the related financial statement schedules, when considered in relation to the basic financial
statements taken as a whole, present fairly in all material respects the information set forth therein.
As discussed in Note 2 to the consolidated financial statements, Virgin Media Inc. changed its method of accounting for
stock−based compensation expense as of January 1, 2006 to conform with the provisions of Statement of Financial Accounting
Standards No. 123(R), “Share−Based Payment”; changed its method of accounting for defined benefit pension and other
postretirement plans as of December 31, 2006 to conform with the provisions of Statement of Financial Accounting Standards
No. 158, “Employer’s Accounting for Defined Benefit Pension and Other Postretirement Plan”; and adopted Financial Accounting
Standards Board Staff Position FAS 143−1 “Accounting for Electronic Waste Obligations” as of December 12, 2006.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
effectiveness of Virgin Media Inc.’s internal control over financial reporting as of December 31, 2006, based on criteria established in
Internal Control−Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our
report dated March 1, 2007, expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
London, England
March 1, 2007
F−2
Source: VIRGIN MEDIA INVESTM, 10−K, March 01, 2007