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Annual report 2011
42
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,
2011 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 44 to 93.
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 con-
trol 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 responsibilit y is to express an opinion on these
financial 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
material 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 mak-
ing those risk assessments, the Réviseur d’Entreprises agréé
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 circum-
stances, but not for the purpose of expressing an opinion
on the effectiveness of the entity’s internal control. An audit
also includes evaluating the appropriateness of account-
ing policies used and the reasonableness of accounting
estimates made by the Management, 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, 2011, and of its financial performance
and its cash flows for the year then ended in accordance
with International Financial Reporting Standards as adopt-
ed by the European Union.
Luxembourg, 14 March 2012
KPMG Luxembourg S.à r.l.
Cabinet de révision agréé
Thierry RAVASIO