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Finances
Auditor’s Report
To the Shareholders of
Ecopetrol S.A.
I have audited the consolidated balance sheets of Ecopetrol
S.A. (the Company) at December 31, 2006 and
2005 and the related consolidated statements of financial, economic and social activity, changes in equity,
changes in financial position and of cash flows for the
years then ended. These consolidated accounting statements
are the responsibility of the Company’s management.
My responsibility is to express an opinion thereon
based on my audits. I have not audited the accounting
statements of Black Gold Re Ltd. which were audited by
another independent auditor, who issued an unqualified opinion on January 22, 2007 and their amounts
are not material in respect to those of the Company.
The 2005 accounting statements are only submitted for
comparative purposes with those of 2006.
I conducted my audits in accordance with auditing
standards generally accepted in Colombia. Those standards
require that an audit be planned and performed
in such a way as to obtain reasonable assurance about whether the accounting statements are free of material
misstatement. An audit includes examining, on a test
basis, evidence supporting amounts and disclosures in
the accounting statements. An audit also includes assessing
the accounting principles used and significant
estimates made by management, as well as evaluating
the overall presentation of the accounting statements.
I believe that my audits provide a reasonable basis for
my opinion.
In my opinion, the aforementioned consolidated accounting
statements present fairly, in all material respects,
the consolidated financial position of Ecopetrol
S.A. and its subsidiaries at December 1, 2006, the consolidated
results of its financial, economic and social
activities, the changes in its financial position and of its
cash flows for the year then ended, in accordance with
generally accepted governmental accounting principles,
issued by the Contaduría General de la Nación,
consistently applied.
Francisco J. González Rodríguez
Statutory Auditor
Professional Card 1 442-T
Designated by Ernst & Young Audit Ltda. TR-5 0
Bogota, D.C. February 22, 2007
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