Page 40 - CTPA Annual Report 2011

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We have audited the financial statements of the
Cosmetic, Toiletry and Perfumery Association for the
year ended 31 December 2011 which comprise the
Income and Expenditure Account, the Balance Sheet
and the related notes numbered 1 to 14.
The financial reporting framework that has been applied
in their preparation is applicable law and United
Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice).
This report is made solely to the company's members,
as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been
undertaken so that we might state to the company'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 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 auditors
As explained more fully in the Statement of Directors'
Responsibilities, 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 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 company'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 Directors’ 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:
• give a true and fair view of the state of the company's
affairs as at 31 December 2011 and of its deficit for
the year then ended;
• have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting
Practice; and
• have been prepared in accordance with the
requirements of the Companies Act 2006.
Opinion on other matters prescribed
by the Companies Act 2006
In our opinion the information given in the Directors'
Report for the financial year for which the financial
statements are prepared is consistent with the
financial statements.
Matters on which we are required
to report by exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
• adequate accounting records have not been kept,
or 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
• certain disclosures of directors' remuneration
specified by law are not made; or
• we have not received all the information and
explanations we require for our audit.
Tina Allison
Senior Statutory Auditor
For and on behalf of Crowe Clark Whitehill LLP
Statutory Auditor
Independent Auditor’s Report
to the Members of the Cosmetic,
Toiletry and Perfumery Association
12. Directors’ Report & Financial Statements
4 May