Page 70 - Kitron Annual Report 2011

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70
Kitron annual report 2011
PricewaterhouseCoopers AS,
T: 02316,
www.pwc.no
Org.no.: 987 009 713 MVA, Medlem av Den norske Revisorforening
To the Annual Shareholders' Meeting
Independent auditor
Report on the Financial Statements
We have audited the accompanying financial statements of
statements of the parent company and the fin
of the parent company comprise the balance sheet as at
and cash flow statement, for the year then ended, and a summary of significant accounting policies and
other explanatory information.
31 December 2011, income
flow for the year then ended, and a summary of significant accounting policies and other explanatory
information.
The Board of Directors and the
The Board of Directors and the Managing Directo
presentation of the financial
Accounting Act and accounting standards and practices generally accepted in
preparation and fair presentation of the financial statements of the group in accordance with
International Financial Reporting Standards
Board of Directors and the Managi
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements
conducted our audit in accordance with laws, regulations, and auditing standards and
generally accepted in Norway, including International Standards on Auditing. Those standards require
that we comply with ethical requirem
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
in the financial statements. The procedures selected depend on the auditor’s
assessment of the risks of material misstatement of the financial
error. In making those risk assessments, the auditor
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficie
our audit opinion.
Postboks 748 Sentrum, NO-0106 Oslo
of Kitron ASA
’s report
Kitron ASA, which comprise
ancial statements of the group.
31 December 2011, and the income statement
The financial statements of the group comprise the balance sheet at
statement, statement of comprehensive income, changes in equity and
Managing Director’s Responsibility for the Financial Statements
r are responsible for the preparation and fair
statements of the parent company in accordance with
as adopted by EU and for such
ng Director determine is necessary to enable the preparation of
based on our audit.
ents and plan and perform the audit to obtain reasonable
statements, whether due to fraud or
considers internal control relevant to the entity’s
nt and appropriate to provide a
the financial
The financial statements
cash
Norwegian
Norway, and for the
internal control as the
We
practices
disclosures
judgment, including the
basis for