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YEAR IN REVIEW 2015 WORLD RUGBY 105We have audited the consolidated financial statements of World Rugby (“the Board”) for the year ended 31 December, 2014, which comprise the Consolidated Income Statement, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement, the Consolidated Statement of Changes in Equity and the related notes. The financial reporting framework that has been applied in their preparation is International Financial Reporting Standards (IFRSs) as adopted by the European Union.RESPECTIVE RESPONSIBILITIES OF COUNCIL MEMBERS AND AUDITORSThe responsibilities of the Council members for preparing the financial statements in accordance with IFRSs are set out in the Statement of Council’s Responsibilities. Our responsibility is to audit and express an opinion on the financial statements in accordance with International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council’s Ethical Standards for Auditors. This report including the opinion has been prepared for and only for the Council members as a body and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTSAn 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, INDEPENDENT AUDITORS’ REPORT TO THE COUNCIL OF WORLD RUGBYwhether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Board’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Council Members; and the overall presentation of the financial statements. In addition, we read the statement of Council’s responsibilities and consider the implications for our report if we become aware of any apparent misstatements within it.BASIS OF AUDIT OPINIONWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Financial Reporting Council and generally accepted in Ireland. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the Council members in the preparation of the consolidated financial statements, and of whether the accounting policies are appropriate to the association’s circumstances, consistently applied and adequately disclosed.We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the consolidated financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.OPINIONIn our opinion the consolidated financial statements give a true and fair view in accordance with IFRSs, of the state of the Board’s affairs as at 31 December, 2014 and of its loss and cash flows for the year then ended.PricewaterhouseCoopersChartered Accountants and Registered AuditorsDublin20 May, 2015 FINANCIAL STATEMENTS | FINANCIAL REPORT