GEOSENTRIC OYJ BULLETIN March 31, 2009 at 16:35
GEOSENTRIC OYJ MAKES PUBLIC THE AUDITOR´S REPORT OF FY 2008
“AUDITOR´S REPORT
To the Annual General Meeting of GeoSentric Plc
We have audited the accounting records, the financial statements, the report of
the Board of Directors, and the administration of GeoSentric Plc for the
financial period 1.1.2008 - 31.12.2008. The financial statements comprise the
consolidated balance sheet, income statement, cash flow statement, statement of
changes in equity and notes to the consolidated financial statements, as well as
the parent company's balance sheet, income statement, cash flow statement and
notes to the financial statements.
The responsibility of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the
preparation of the financial statements and the report of the Board of Directors
and for the fair presentation of the consolidated financial statements in
accordance with International Financial Reporting Standards (IFRS) as adopted by
the EU, as well as for the fair presentation of the parent company's financial
statements and the report of the Board of Directors in accordance with laws and
regulations governing the preparation of the financial statements and the report
of the Board of Directors in Finland. The Board of Directors is responsible for
the appropriate arrangement of the control of the company's accounts and
finances, and the Managing Director shall see to it that the accounts of the
company are in compliance with the law and that its financial affairs have been
arranged in a reliable manner.
Auditor's responsibility
Our responsibility is to perform an audit in accordance with good auditing
practice in Finland, and to express an opinion on the parent company's financial
statements, on the consolidated financial statements and on the report of the
Board of Directors based on our audit. Good auditing practice requires that we
comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the financial statements and the report of the
Board of Directors are free from material misstatement and whether the members
of the Board of Directors and the Managing Director of the parent company have
complied with the Limited Liability Companies Act.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial statements and the report of the Board
of Directors. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity's preparation and fair
presentation of the financial statements in order to design audit procedures
that are appropriate in the circumstances. 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 and the report of the Board of Directors.
The audit was performed in accordance with good auditing practice in Finland. We
believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
Opinion on the consolidated financial statements
In our opinion, the consolidated financial statements give a true and fair view
of the financial position, financial performance, and cash flows of the group in
accordance with International Financial Reporting Standards (IFRS) as adopted by
the EU.
Without qualifying our opinion, we draw attention to note 32 in the consolidated
financial statements, which describe the assumptions and uncertainties regarding
the going concern assessment.
Opinion on the company's financial statements and the report of the Board of
Directors
In our opinion, the financial statements, together with the consolidated
financial statements included therein, and the report of the Board of Directors
give a true and fair view of the financial performance and financial position of
the company in accordance with the laws and regulations governing the
preparation of the financial statements and the report of the Board of Directors
in Finland. The information in the report of the Board of Directors is
consistent with the information in the financial statements.
Salo, March 31, 2009
Ernst & Young Oy
Authorized Public Accountant Firm
Erkka Talvinko
Authorized Public Accountant”
GEOSENTRIC OYJ
Distribution:
NASDAQ OMX Helsinki
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