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What Science Can Do Can Science What What science can do AstraZeneca Annual Report and Form 20-F Information 2016 AstraZeneca Annual Report and 20-F Form Information 2016 Preparation of the Financial Statements and Directors’ Responsibilities The Directors are responsible for preparing this > for the Parent Company Financial Directors’ responsibility statement Annual Report and Form 20-F Information and Statements, state whether FRS 101 has pursuant to DTR 4 the Group and Parent Company Financial been followed, subject to any material The Directors confirm that to the best of Statements in accordance with applicable law departures disclosed and explained in the our knowledge: and regulations. Parent Company Financial Statements > The Financial Statements, prepared in > prepare the Financial Statements on the Company law requires the Directors to accordance with the applicable set of going concern basis unless it is inappropriate prepare Group and Parent Company Financial accounting standards, give a true and to presume that the Group and the Parent Statements for each financial year. Under that fair view of the assets, liabilities, financial Company will continue in business. law they are required to prepare the Group position and profit or loss of the Company Financial Statements in accordance with The Directors are responsible for keeping and the undertakings included in the IFRSs as adopted by the EU and applicable adequate accounting records that are consolidation taken as a whole. law and have elected to prepare the Parent sufficient to show and explain the Parent > The Directors’ Report includes a fair review Company Financial Statements in accordance Company’s transactions and disclose with of the development and performance of with UK Accounting Standards, including reasonable accuracy at any time the financial the business and the position of the issuer FRS 101 ‘Reduced Disclosure Framework’ position of the Parent Company and enable and the undertakings included in the and applicable law. them to ensure that its Financial Statements consolidation taken as a whole, together comply with the Companies Act 2006. They with a description of the principal risks Under company law, the Directors must not have general responsibility for taking such steps and uncertainties that they face. approve the Financial Statements unless they as are reasonably open to them to safeguard are satisfied that they give a true and fair view On behalf of the Board of Directors on the assets of the Group and to prevent and of the state of affairs of the Group and Parent 2 February 2017 detect fraud and other irregularities. Company and of their profit or loss for that Pascal Soriot period. In preparing each of the Group and Under applicable law and regulations, the Director Parent Company Financial Statements, the Directors are also responsible for preparing a Directors are required to: Directors’ Report, Strategic Report, Directors’ Remuneration Report, Corporate Governance > select suitable accounting policies and Report and Audit Committee Report that then apply them consistently comply with that law and those regulations. > make judgements and estimates that are reasonable and prudent The Directors are responsible for the maintenance and integrity of the corporate and > for the Group Financial Statements, state whether they have been prepared financial information included on our website. Financial Statements in accordance with IFRSs as adopted by Legislation in the UK governing the preparation the EU and dissemination of Financial Statements may differ from legislation in other jurisdictions. Directors’ Responsibilities for, and Report on, Internal Control over Financial Reporting The Directors are responsible for establishing detect misstatements. Projections of any Commission in Internal Control-Integrated and maintaining adequate internal control evaluation of effectiveness to future periods are Framework (2013). Based on this assessment, over financial reporting. AstraZeneca’s subject to the risks that controls may become the Directors believe that, as at 31 December internal control over financial reporting is inadequate because of changes in conditions 2016, the internal control over financial designed to provide reasonable assurance or that the degree of compliance with the reporting is effective based on those criteria. over the reliability of financial reporting and policies or procedures may deteriorate. KPMG LLP, an independent registered public the preparation of consolidated Financial The Directors assessed the effectiveness of accounting firm, has audited the effectiveness Statements in accordance with generally AstraZeneca’s internal control over financial of internal control over financial reporting as at accepted accounting principles. reporting as at 31 December 2016 based on 31 December 2016 and, as explained on page Due to its inherent limitations, internal control the criteria set forth by the Committee of 134, has issued an unqualified report thereon. over financial reporting may not prevent or Sponsoring Organizations of the Treadway AstraZeneca Annual Report and Form 20-F Information 2016 133 Financial Statements Auditor’s Reports on the Financial Statements and on Internal Control over Financial Reporting (Sarbanes-Oxley Act Section 404) The report set out below is provided in the US Securities and Exchange Commission. over financial reporting is set out on page compliance with International Standards on Those reports are unqualified and include 133. KPMG LLP has also reported separately Auditing (UK and Ireland). KPMG LLP has also opinions on the Group Financial Statements on the Company Financial Statements of issued reports in accordance with standards and on the effectiveness of internal control AstraZeneca PLC and on the information in of the Public Company Accounting Oversight over financial reporting as at 31 December the Directors’ Remuneration Report that is Board in the US, which will be included in the 2016 (Sarbanes-Oxley Act Section 404). described as having been audited. This audit Annual Report on Form 20-F to be filed with The Directors’ statement on internal control report is set out on page 197. Independent Auditor’s Report to the Members of AstraZeneca PLC only Opinions and conclusions are based on procedures undertaken in the compared with expectations and payment arising from our audit context of and solely for the purpose of our claims, and considered the historical accuracy 1 Our opinion on the Group Financial statutory audit opinion on the Group Financial of the accrual. We also assessed the adequacy Statements is unmodified Statements as a whole and consequently of the Group’s disclosure of its rebates and We have audited the Group Financial are incidental to that opinion, and we do chargebacks policy, the judgement involved, Statements of AstraZeneca PLC for the not express discrete opinions on separate and other related disclosures. year ended 31 December 2016 set out on elements of the Group Financial Statements. Our findings pages 138 to 196. In our opinion the Group Rebates and chargebacks in the US In determining the appropriateness of the Financial Statements: ($2,812m) (2015: $3,307m) Risk vs 2015: ◄► deductions made in relation to US rebates and > give a true and fair view of the state of the Refer to page 98 (Audit Committee Report), chargebacks, there is room for judgement and Group’s affairs as at 31 December 2016 page 142 (accounting policy) and page 77 we found that within that, the assumptions used and of its profit for the year then ended; (financial risk management). and the resulting estimates were balanced > have been properly prepared in accordance (2015: balanced). We also found no errors in The risk with International Financial Reporting the year-end US rebate accrual calculations. The Group makes sales to customers in Standards (IFRSs) as adopted by the We found the disclosures on US rebates and the United States of America (‘US’) that fall European Union (EU); and chargebacks to be ample (2015: proportionate). under certain commercial and governmental > have been prepared in accordance with the reimbursement schemes, of which the most Carrying value of intangible assets requirements of the Companies Act 2006 significant are Medicaid and Medicare. ($27,586m) (2015: $22,646m) and Article 4 of the IAS Regulation. The resulting rebates and chargebacks, Risk vs 2015: ◄► 2 Separate opinion in relation to IFRSs as which are deducted in arriving at revenue, are Refer to page 98 (Audit Committee Report), issued by the International Accounting complex and require significant judgement page 145 (accounting policy), page 157 Standards Board (IASB) and estimation in establishing an appropriate (financial disclosures) and page 80 (financial As explained in the Group accounting policies accrual at year-end. risk management). section of the Group Financial Statements Our response The risk set out on pages 142 to 146, the Group, in Our principal audit procedures included The Group has significant intangible assets addition to complying with its legal obligation testing the Group’s controls surrounding the arising from the acquisition of products both to apply IFRSs as adopted by the EU, has also deductions made to US revenue for rebates launched and in development. Recoverability applied IFRSs as issued by the IASB. and chargebacks, and key manual and of these assets is based on forecasting and In our opinion, the Group Financial Statements systems-based controls in the order-to-cash discounting future cash flows,
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