APC 2014 Annual Report Download - page 250

5CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2014
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 Note1.9 to the consolidated financial statements outlines the
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Annual Shareholders’ Meeting, we hereby report to you, for the method for recognizing research and development costs and
year ended December 31, 2014, on: describes the criteria under which development costs may be
capitalized. We reviewed the data and assumptions used to
the audit of the accompanying consolidated financial
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identify projects that qualify for capitalization, as well as the
statements of Schneider Electric SE;
Group’s calculations, and verified that adequate disclosure is
the justification of our assessments;
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made in the notes to the consolidated financial statements.
the specific verification required by law.
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As explained in notes1.11 and 8 to the consolidated financial
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These consolidated financial statements have been approved by statements, your group carries out intangible assets and
the management board. Our role is to express an opinion on these goodwill impairment tests at least once a year and when factors
consolidated financial statements based on our audit. exist indicating that the related assets may have suffered a loss
of value. We analyzed, on a test basis, the indicators of a loss of
I.Opinionontheconsolidatedfinancialstatements
value and the other information evidencing the absence of any
loss of value. We reviewed the data, assumptions used, and
calculations made, and verified that adequate disclosure is
We conducted our audit in accordance with professional
made in the notes to the consolidated financial statements.
standards applicable in France; those standards require that we
As indicated in notes1.16 and 16 to the consolidated financial
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plan and perform the audit to obtain reasonable assurance about
statements, future tax benefits arising from the utilization of tax
whether the consolidated financial statements are free of material
loss carry forwards are recognized only when they can
misstatement.An audit involves performing procedures, using
reasonably be expected to be realized. We verified the
sampling techniques or other methods of selection, to obtain
reasonableness of the assumptions used to produce estimate of
audit evidence about the amounts and disclosures in the
future taxable income supporting assessments of the
consolidated financial statements.An audit also includes
recoverability of these deferred tax assets.
evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made, as well as the
Notes1.19 and 22 describe the method for valuing pensions
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overall presentation of the consolidated financial statements.We
and other post-employment obligations. Actuarial valuations
believe that the audit evidence we have obtained is sufficient and
were performed for these commitments. We reviewed the data,
appropriate to provide a basis for our audit opinion.
the assumptions used and calculations made, and verified that
adequate disclosure is made in the notes to the consolidated
In our opinion, the consolidated financial statements give a true
financial statements.
and fair view of the assets and liabilities and of the financial
position of the Group as at December 31, 2014 and of the
Note7«Restructuring costs»states the amount of
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results of its operations for the year then ended in accordance
restructuring costs recorded in 2014. We verified that, based on
with International Financial Reporting Standards as adopted by
currently available information, these costs concern restructuring
the European Union.
measures initiated or announced before December 31, 2014, for
which provisions have been recorded based on an estimate of
II. Justification of our assessments
the costs to be incurred. We also reviewed the data and
assumptions used by the Group to make these estimates.
These assessments were made as part of our audit of the
In accordance with the requirements of article L.823-9 of the
consolidated financial statements taken as a whole, and therefore
French Commercial Code (Code de commerce) relating to the
contributed to the opinion we formed which is expressed in the
justification of our assessments, we bring to your attention the
first part of this report.
following matters:
248 2014 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC