APC 2003 Annual Report Download - page 143

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141
Auditors' Report on the Report
of the Chairman of the Board of
Directors drawn up in application
of Article L.225-235 of
the French Commercial Code
(Code de Commerce)
Year ended December 31, 2003
To the Shareholders,
In our capacity as Statutory Auditors of Schneider
Electric SA (the Company) and as required by the
final paragraph of article L.225-235 of the French
Commercial Code (Code de Commerce), we hereby
present our report on the report prepared by the
Chairman of the Board of Directors of the Company
in accordance with article L.225-37 of the Code de
Commerce for the year ended December 31, 2003.
Under the responsibility of the Board of Directors, the
Company’s management is required to define and
implement adequate and efficient internal control
procedures. In his report, the Chairman of the Board
of Directors is required to comment on the conditions
applicable for the preparation and organization of the
work carried out by the Board of Directors and the
internal control procedures implemented within the
Company.
O
ur responsibility is to report to Shareholders our com-
ments
on the information and representations con-
tained in the Chairman’s report concerning the inter-
nal control procedures related to the preparation and
processing of accounting and financial information.
In accordance with the professional guidelines appli-
cable in France, we have examined the objectives
and general organization of the Company’s internal
control system and the internal control procedures
covering the preparation and processing of account-
ing and financial information, as described in the
Chairman’s report.
As this is the first year of application of the provisions
introduced by Act no. 2003-706 of August 1, 2003
and as there are no established practices concerning
the content of the Chairman's report, the said report
does not contain any assessment of the adequacy
and efficiency of the internal control procedures cov-
ering the preparation and processing of accounting
and financial information. Therefore, this limitation
also applies to the scope of our work and to the con-
tent of our report.
Based on our procedures and taking into account the
above-mentioned limitation, we have no comments
to make on the information and representations con-
cerning the Company’s internal control procedures
covering the preparation and processing of account-
ing and financial information, as contained in the
report of the Chairman of the Board of Directors, pre-
pared in accordance with the final paragraph of arti-
cle L.225-37 of the Code de Commerce.
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
4. Auditors' Report on the Report
of the Chairman of the Board of Directors