KUWAIT ENERGY plc GROUP
INDEPENDENT AUDITOR’S REPORT
For the year ended 31 December 2011
F-121
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KUWAIT ENERGY plc
We have audited the group financial statements (the “financial statements”) of Kuwait Energy plc for the year ended 31
December 2010 and 31 December 2011 which comprise the Consolidated Income Statements, Consolidated Statements
of Comprehensive Income, Consolidated Balance Sheets, Consolidated Cash Flow Statements, Consolidated Statements
of Changes in Equity and the related notes 1
to 32. The financial reporting framework that has been applied in their
preparation is applicable law and International Financial Reporting Standards (IFRSs) as issued by the International
Accounting Standards Board.
This report is made solely to the company’s members, as a body, in accordance with Article 113A of the Companies
(Jersey) Law 1991. Our audit work has been undertaken so that we might state to the company’s members 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 the company and the company’s members as a body, for
our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and
express an opinion on the financial statements in accordance with applicable law and International Standards on
Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards
for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of: whether the accounting policies are appropriate to the group’s circumstances and have
been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the
directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial
information in the annual report to identify material inconsistencies with the audited financial statements. If we become
aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
give a true and fair view of the state of the group’s affairs as at 31 December 2010 and 31 December 2011 and
of the group’s profit for the years then ended;
have been properly prepared in accordance with IFRSs as issued by the International Accounting Standards
Board; and
have been properly prepared in accordance with the Companies (Jersey) Law 1991.
