Independent Auditor’s report
to the Members of Bord Gáis Éireann
We have audited the financial statements of Bord Gáis Éireann (“the Group”) for the year ended 31 December 2009 which comprise the Consolidated Profit and Loss Account, the Consolidated and holding entity Balance Sheets, the Consolidated Cash Flow Statement, the Consolidated Statement of Total Recognised Gains and Losses and the related notes 1 to 35. These financial statements have been prepared under the accounting policies set out in the Statement of Accounting Policies.
This report is made solely to the members, in accordance with Section 15 of the Gas Act 1976. Our audit work has been undertaken so that we might state to the 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 Bord Gáis Éireann and its members, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of the Board and auditor
The Board is responsible for preparing the Annual Report, including as set out in the Board Responsibilities Statement, the preparation of the financial statements in accordance with applicable law and accounting standards issued by the Accounting Standards Board and published by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland).
Our responsibility, as independent auditor, is to audit the financial statements in accordance with relevant legal and regulatory requirements 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, in accordance with Generally Accepted Accounting Practice in Ireland. We also report to you whether in our opinion: proper books of account have been kept by Bord Gáis Éireann; and whether the information given in the Report of the Board is consistent with the financial statements. In addition, we state whether we have obtained all information and explanations necessary for the purposes of our audit and whether the holding entity balance sheet is in agreement with the books of account.
We review whether the statement regarding the system of internal financial control required by the Code of Practice for the Governance of State Bodies made in the Report of the Board reflects the Group’s compliance with the relevant provisions of the Code and we report if it does not. We are not required to consider whether the Board’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 the implications for our report if we become aware of any apparent misstatement or material inconsistencies with the financial statements. The other information comprises only the Report of the Board, the Chairman’s Statement, the Chief Executive’s Review and the Financial Review. 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 Board 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 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 the affairs of the Group and the holding entity as at 31 December 2009 and of the profit of the Group for the year then ended.
We have obtained all the information and explanations we considered necessary for the purpose of our audit. In our opinion proper books of account have been kept by Bord Gáis Éireann. The holding entity balance sheet is in agreement with its books of account. In our opinion the information given in the Report of the Board is consistent with the financial statements.
Chartered Accountants and Registered Auditors
Cork
30 March 2010
Notes: An audit does not provide assurance on the maintenance and integrity of the website, including controls used to achieve this, and in particular on whether any changes may have occurred to the financial statements since first published. These matters are the responsibility of the Board Members but no control procedures can provide absolute assurance in this area.
Legislation in Ireland governing the preparation and dissemination of financial statements differs from legislation in other jurisdictions.