50
51
KUWAIT ENERGY plc GROUP
INDE
PENDENT AUDITOR’S RE
PORT
For the year ended 31 December 2011
3
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 t
o 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, t
he 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 th
e 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:
gi
ve 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.
Kuwait Energy Plc Group
Independent Auditor’s Report
For The Year Ended 31 December 2011
Kuwait Energy Plc Group
Independent Auditor’s Report
For The Year Ended 31 December 2011
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