APC 2011 Annual Report Download - page 236

2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC234
COMPANY FINANCIAL STATEMENTS
6STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS
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4. Statutory Auditors’ report on the
financial statements
This is a free translation into English of the Statutory Auditors’ report on the Financial Statements issued in French and it is provided solely for the convenience
of English speaking users.
The Statutory Auditors’ report includes information specifically required by French law in such reports, whether modified or not. This information is presented
below the audit opinion on the fi nancial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain significant
accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the financial statements taken as a
whole and not to provide separate assurance on individual account balances, transactions, or disclosures.
This report also includes information relating to the specific verification of information given in the management report and in the documents addressed to
shareholders.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France
We conducted our audit in accordance with professional standards
applicable in France; those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit involves performing procedures, using sampling techniques
or other methods of selection, to obtain audit evidence about the
amounts and disclosures in the financial statements. An audit also
includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made, as well as
the overall presentation of the financial statements. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
In our opinion, the financial statements give a true and fair view of
the assets and liabilities and of the financial position of the Company
as at December31, 2011 and of the results of its operations for
the year then ended in accordance with French generally accepted
accounting principles.
To the Shareholders,
In compliance with the assignment entrusted to us by your Annual
Shareholders’ Meeting, we hereby report to you, for the year ended
December31, 2011 on:
•the audit of the accompanying financial statements of Schneider
ElectricSA;
•the justification of our assessments;
•the specific verifications and information required by law.
These financial statements have been approved by the
Management Board. Our role is to express an opinion on these
financial statements based on our audit.
I – Opinion on the Financial Statements
II – Justification of assessments
In accordance with the requirements of articleL.823-9 of the French
Commercial Code (Code de commerce) relating to the justification
of our assessments, we bring to your attention the following matters:
As part of our assessment of the accounting principles and
methods used by your company, we verifi ed the appropriateness
of the principles and methods used to value shares in subsidiaries
and affiliates, described in the section on accounting principles and
in note2 to the financial statements, and obtained assurance that
they were correctly applied.
Our assessments were made in the context of the performance
of our audit of the financial statements, taken as a whole, and
therefore contributed to the opinion we formed which is expressed
in the first part of this report.