APC 2013 Annual Report Download - page 252

5CONSOLIDATED FINANCIALSTATEMENTS ATDECEMBER 31, 2013
6. STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATEDFINANCIALSTATEMENTS
Statutory auditors’ report on the 6.
consolidatedfinancialstatements
This is a free translation into English of the statutory auditors’ report on the consolidated 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 consolidated financial 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 consolidated 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 group’s 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.
To the Shareholders,
In compliance with the assignment entrusted to us by your Annual
II. Justification of our assessments
Shareholders’ Meeting, we hereby report to you, for the year In accordance with the requirements of article L. 823-9 of the
ended December 31, 2013, on: French commercial code (Code de commerce) relating to the
the audit of the accompanying consolidated financial statements
l
justification of our assessments, we bring to your attention the
of Schneider Electric S.A.; following matters:
the justification of our assessments;
l
Note 1.9 to the consolidated financial statements outlines the
l
the specific verification required by law.
l
method for recognizing research and development costs and
describes the criteria under which development costs may be
These consolidated financial statements have been approved by
capitalized. We reviewed the data and assumptions used to
the management board. Our role is to express an opinion on these
identify projects that qualify for capitalization, as well as the
consolidated financial statements based on our audit.
Group’s calculations, and verified that adequate disclosure is
I. Opinion on the consolidated financial
made in the notes to the consolidated financial statements.
As explained in notes 1.11 and 8 to the consolidated financial
l
statements
statements, your Group carries out intangible assets and
goodwill impairment tests at least once a year and when factors
We conducted our audit in accordance with professional standards exist indicating that the related assets may have suffered a loss
applicable in France; those standards require that we plan and of value. We analyzed, on a test basis, the indicators of a loss of
perform the audit to obtain reasonable assurance about whether value and the other information evidencing the absence of any
the consolidated financial statements are free of material loss of value. We reviewed the data, assumptions used, and
misstatement. An audit involves performing procedures, using calculations made, and verified that adequate disclosure is
sampling techniques or other methods of selection, to obtain audit made in the notes to the consolidated financial statements.
evidence about the amounts and disclosures in the consolidated As indicated in notes 1.16 and 16 to the consolidated financial
l
financial statements. An audit also includes evaluating the statements, future tax benefits arising from the utilization of tax
appropriateness of accounting policies used and the loss carry forwards are recognized only when they can
reasonableness of accounting estimates made, as well as the reasonably be expected to be realized. We verified the
overall presentation of the consolidated financial statements. We reasonableness of the assumptions used to produce estimate of
believe that the audit evidence we have obtained is sufficient and future taxable income supporting assessments of the
appropriate to provide a basis for our audit opinion. recoverability of these deferred tax assets.
In our opinion, the consolidated financial statements give a true Notes 1.19 and 22 describe the method for valuing pensions
l
and fair view of the assets and liabilities and of the financial position and other post-employment obligations. Actuarial valuations
of the Group as at December 31, 2013 and of the results of its were performed for these commitments. We reviewed the data,
operations for the year then ended in accordance with International the assumptions used and calculations made, and verified that
Financial Reporting Standards as adopted by the European Union. adequate disclosure is made in the notes to the consolidated
Without qualifying the conclusion expressed above, we draw your financial statements.
attention to note1.2 “Restated 2012 comparative consolidated
financial statements” to the consolidated financial statements
which sets out the consequences resulting from the application
from January 1st, 2013 of IAS 19 revised “Employee Benefits”.
250 2013 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC