APC 2003 Annual Report Download - page 125

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123
8. Auditors' Report on
the Financial Statements
Year ended December 31, 2003
To the Shareholders of Schneider Electric SA
In accordance with the terms of our appointment at
the Annual Shareholders' Meeting, we hereby submit
our report for the year ended December 31, 2003, on:
■Our examination of the accompanying financial
statements of Schneider Electric SA.
■The specific procedures and information required
by law.
These financial statements have been approved by
the Board of Directors. Our responsibility is to
express an opinion on these financial statements
based on our audit.
Opinion on the financial statements
We conducted our audit in accordance with the pro-
fessional standards applied in France. Those stan-
dards require that we plan and perform the audit to
obtain reasonable assurance that the financial state-
ments are free from material misstatement. An audit
includes examining, on a test basis, evidence sup-
porting the amounts and disclosures in the financial
statements. An audit also includes assessing the
accounting principles used and significant estimates
made in the preparation of the financial statements,
as well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements give a true
and fair view of the assets and liabilities and financial
position of the Company at December 31, 2003 and
the results of operations for the year then ended in
accordance with French accounting principles and
regulations.
Basis of opinion
In accordance with Article L.225-235, paragraph 2,
of the Commercial Code requiring the auditors to
explain the basis of their opinion, which is applicable
for the first time this year, we draw your attention to
the matters set out below which contribute to the
opinion expressed above in relation to the consoli-
dated financial statements taken as a whole:
Notes 2a and 3 to the financial statements describe
the accounting principles and methods used to value
investments.
During our assessment of the accounting principles
and methods applied by the Company, we obtained
assurance about the appropriateness of these
accounting principles and methods, and of the
description thereof provided in the notes to the finan-
cial statements, as well as about their correct appli-
cation.
Specific procedures and information
We have also performed the specific procedures
required by law, in accordance with the professional
standards applied in France.
We have no comments to make on the fairness of the
information given in the report of the Board of
Directors and the documents sent to shareholders
on the financial position and financial statements or
its consistency with those financial statements.
As required by law, we have also verified that details
of controlling and other interests acquired during the
year and the identity of Shareholders (or holders of
voting rights) and reciprocal holdings are disclosed in
the report of the Board of Directors.
Paris and Neuilly-sur-Seine, February 19, 2004
The Statutory Auditors
PricewaterhouseCoopers Audit Barbier Frinault et Autres / Ernst & Young
Anne Monteil Christian Chochon / Pierre Jouanne