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KUWAIT ENERGY PLC
INDEPENDENT AUDITOR’
S REPORT
3
INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF KUWAIT ENERGY PLC
We have audited the group financial statements of Kuwait Energy plc for the year ended 31 December 2015 which comprise
the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet,
Consolidated Cash Flow Statement, Consolidated Statement of Changes in Equity and the related notes 1
to 33. The
financial reporting framework that has been applied in their preparation is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European Union.
This report is made solely to the C
ompany’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 C
ompany’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 C
ompany’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 directors’ responsibilit
ies statement, 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 and to identify
any information that is apparently materially incorrect, based on, or materially inconsistent with, the knowledge acquired
by us in the course of performing the audit. 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 2015
and of the group’s
loss for the
year then ended;
have been properly prepared in accordance with IFRSs as adopted by the European Union; and
have been properly prepared in accordance with the Companies (Jersey) Law 1991.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies (Jersey) Law 1991 requires us to report
to you if, in our opinion:
proper accounting records have not been kept by the parent company, or proper returns adequate for our audit
have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
David Paterson (JFSC)
for and on behalf of Deloitte LLP
Chartered Accountants
London, UK
27 April 2016
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