Aviva 2009 Annual Report Download - page 318

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Aviva plc MCEV financial statements continued
Annual Report and Accounts 2009
Independent auditor’s report to the directors of Aviva plc on the consolidated
Market Consistent Embedded Value (MCEV) financial statements
We have audited the consolidated MCEV financial statements of Aviva plc for the year ended 31 December 2009 which comprise
an MCEV basis Condensed Consolidated Income Statement, the Condensed Consolidated Statement of Comprehensive Income,
the Condensed Consolidated Statement of Changes in Equity, the Condensed Consolidated Statement of Financial Position, the
Reconciliation of Shareholders’ Equity on IFRS and MCEV bases, the Reconciliation of IFRS Total Equity to MCEV Net Worth, the
Group MCEV Analysis of Earnings and the related notes M1 to M19. The consolidated MCEV financial statements have been
properly prepared in accordance with the Market Consistent Embedded Value Principles issued in October 2009 by the CFO Forum
(“the MCEV Principles”) and the basis of preparation set out on pages 289 to 292.
We have reported separately on the statutory Group financial statements of Aviva plc for the year ended 31 December 2009.
The information contained in the consolidated MCEV financial statements should be read in conjunction with the financial
statements prepared on an IFRS basis.
This report is made solely to the Company in accordance with our engagement letter dated 5 August 2009. Our audit work
has been undertaken so that we might state to the Company those matters we are required to state to them in an auditors’ report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the consolidated MCEV financial statements in accordance with the MCEV Principles.
Our responsibilities, as independent auditor, in relation to the MCEV financial statements, are set out in our engagement letter
dated 5 August 2009. We report to you our opinion as to whether the consolidated MCEV financial statements have been properly
prepared in all material respects in accordance with the MCEV Principles and the basis of preparation set out on pages 289 to 292.
We also report to you if we have not received all the information and explanations we require for our audit of the consolidated
MCEV financial statements.
We read other information contained in the Annual Report and Accounts and consider whether it is consistent with the
consolidated MCEV financial statements.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the consolidated
MCEV financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the
preparation of the consolidated MCEV 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 consolidated MCEV 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 consolidated MCEV financial statements.
Opinion
In our opinion the consolidated MCEV financial statements for the year ended 31 December 2009 have been properly prepared,
in all material respects, in accordance with the MCEV Principles and the basis of preparation set out on pages 289 to 292.
Ernst & Young LLP
London
3 March 2010