Freeport-McMoRan 2011 Annual Report Download - page 69

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2011 ANNUAL REPORT | 67
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS AND STOCKHOLDERS OF
FREEPORT-MMR COPPER & GOLD INC.
We have audited the accompanying consolidated balance sheets of
Freeport-McMoRan Copper & Gold Inc. as of December31,2011
and 2010, and the related consolidated statements of income, equity
and cash ows for each of the three years in the period ended
December31,2011. ese nancial statements are the responsibility
of the Company’s management. Our responsibility is to express an
opinion on these nancial statements based on our audits.
We conducted our audits in accordance with the standards of
the Public Company Accounting Oversight Board (United States).
ose standards require that we plan and perform the audit to
obtain reasonable assurance about whether the nancial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the nancial statements. An audit also includes
assessing the accounting principles used and signicant estimates
made by management, as well as evaluating the overall nancial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the nancial statements referred to above
present fairly, in all material respects, the consolidated nancial
position of Freeport-McMoRan Copper & Gold Inc. at
December31,2011 and 2010, and the consolidated results of its
operations and its cash ows for each of the three years in the
period ended December31,2011, in conformity with U.S. generally
accepted accounting principles.
We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States),
Freeport-McMoRan Copper & Gold Inc.’s internal control over
nancial 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 27, 2012 expressed an
unqualied opinion thereon.
ERNST & YOUNG LLP
Phoenix, Arizona
February 27, 2012