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We have audited the RTÉ and Group financial statements (‘the financial statements’) for the year ended 31 December 2005, which comprise the Group statement of income and expenditure, the RTÉ and Group balance sheets, the Group cash flow statement, the Group statement of total recognised gains and losses and the related notes. These financial statements have been prepared under the accounting policies set out therein.
This report is made solely to the Authority members, as a body. Our audit work has been undertaken so that we might state to the Authority members as a body those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RTÉ and the Authority members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of the Authority and auditors
The Authority members’ responsibilities for preparing the Annual Report and the Group financial statements in accordance with applicable law and the Accounting Standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland) are set out in the statement of Authority members’ responsibilities on page 39.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory responsibilities and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and have been properly prepared in accordance with broadcasting legislation. We also report to you whether, in our opinion, proper books of account have been kept by RTÉ and whether the information in the Annual Report is consistent with the financial statements. In addition, we state whether we have obtained all the information necessary for the purposes of our audit and whether the RTÉ financial statements are in agreement with the books of account.
We review, at the request of the Authority, whether the corporate governance statement on page 30 reflects the Group’s compliance with the provision of the Code of Practice for the Governance of State Bodies that is specified for review by auditors and we report if those statements do not in fact reflect the Group’s compliance. We are not required to consider whether the Authority’s statements on internal control cover all risks and controls, or form an opinion on the effectiveness of the Group’s corporate governance procedures or its risk and control procedures.
We read the other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. This other information comprises the Authority Members’ report, the Chairman’s statement, the Director-General’s review, financial review, corporate governance statement, audit committee report and remuneration report. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
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 financial statements. It also includes an assessment of the significant estimates and judgements made by the Authority in the preparation of the 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 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 financial statements.
Opinion
In our opinion
- the financial statements give a true and fair view, in accordance with generally accepted accounting practice in Ireland, of the state of affairs of RTÉ and the Group as at 31 December 2005 and of the Group’s surplus and cash flows for the year then ended; and
- the financial statements have been properly prepared in accordance with broadcasting legislation.
We have obtained all the information and explanations we consider necessary for the purposes of our audit. In our opinion, proper books of account have been kept by RTÉ. RTÉ’s balance sheet is in agreement with the books of account.
In our opinion, the information given in the Authority members’ report is consistent with the financial statements.
KPMG
Chartered Accountants
Registered Auditor
Dublin
9 March 2006
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