APC 2004 Annual Report Download - page 130

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128
4
Auditors' Report
on the Financial Statements
Free translation of the original report in French
Year ended December 31, 2004
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, 2004, on:
Our examination of the accompanying financial
statements of Schneider Electric SA.
The basis of our opinion.
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 French
generally accepted auditing standards. Those stan-
dards require that we plan and perform our 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 rea-
sonable 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, 2004 and
the results of operations for the year then ended in
accordance with French generally accepted account-
ing principles.
Basis of opinion
In accordance with Article L.225-235 of the
Commercial Code requiring the auditors to explain the
basis of their opinion, we set out below information
used in formulating our audit opinion on the financial
statements taken as a whole:
Notes 1 and 2 to the financial statements describe the
accounting principles and methods used to value
investments.
As part of our review of the financial statements taken
as a whole, our assessment of these accounting esti-
mates was included in formulating our audit opinion,
provided above.
Specific procedures and information
We have also performed the specific procedures
required by law, in accordance with professional stan-
dards 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 and holders of
voting rights are disclosed in the report of the Board
of Directors.
Paris and Neuilly-sur-Seine, February 17, 2005
The Statutory Auditors
Barbier Frinault et Autres Mazars & Guérard
Christian Chochon Pierre Sardet
Pierre Jouanne Jean-Louis Simon