Page 66 - Annual Report 2010

ANNUAL REPORT 2010

64

Independent Auditor’s Report

To the Audit Board of the European Investment Fund 96, boulevard Konrad Adenauer L-2968 Luxembourg

Following our appointment by the Audit Board, we have audited the accompanying financial statements of Euro-pean Investment Fund (hereafter “the Fund”), which com-prise the statement of financial position as at December 31, 2010 and the statement of comprehensive income, state-ment of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information as set out on pages 66 to 113.

Management responsibility for the financial statements

The Management is responsible for the preparation and fair presentation of these financial statements in accord-ance with International Financial Reporting Standards as adopted by the European Union and for such internal control as the Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the Réviseur d’Entreprises agréé

Our responsibility is to express an opinion on these fi -nancial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from mate-rial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the finan-cial statements. The procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, 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 Réviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial state-ments in order to design audit procedures that are ap-propriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the ap-propriateness of accounting policies used and the rea-sonableness of accounting estimates made by the Man-agement, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of European Investment Fund as of December 31, 2010, and of its financial per-formance and its cash flows for the year then ended in accordance with International Financial Reporting Stand-ards as adopted by the European Union.

Luxembourg, 9 March 2011

KPMG Audit S.à r.l. Cabinet de révision agréé

Thierry RAVASIO