Philips 2010 Annual Report Download - page 199

13 Group financial statements 13.12 - 13.12
Annual Report 2010 199
13.12 Independent auditor’s report - Group
Independent auditor’s report
To the Supervisory Board and Shareholders of Koninklijke Philips
Electronics N.V.:
Report on the consolidated financial statements
We have audited the accompanying consolidated financial statements
2010 which are part of the financial statements of Koninklijke Philips
Electronics N.V., Eindhoven, the Netherlands, and comprise the
consolidated balance sheet as at December 31, 2010, the consolidated
statements of income, comprehensive income, cash flows and changes
in equity for the year then ended, and notes, comprising a summary of
the significant accounting policies and other explanatory information as
included in section 13.4 to 13.11.
Management’s responsibility
The Board of Management is responsible for the preparation and fair
presentation of the consolidated financial statements in accordance
with International Financial Reporting Standards as adopted by the
European Union and with Part 9 of Book 2 of the Dutch Civil Code, and
for the preparation of the Management report in accordance with Part
9 of Book 2 of the Dutch Civil Code. Furthermore, management is
responsible for such internal control as it determines is necessary to
enable the preparation of the consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated
financial statements based on our audit. We conducted our audit in
accordance with Dutch law, including the Dutch Standards on Auditing.
This requires that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material
misstatement of the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair
presentation of the consolidated financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair
view of the financial position of Koninklijke Philips Electronics N.V. as at
December 31, 2010, and of its result and its cash flows for the year then
ended in accordance with International Financial Reporting Standards as
adopted by the European Union and with Part 9 of Book 2 of the Dutch
Civil Code.
Report on other legal and regulatory requirements
Pursuant to the legal requirements under Section 2:393 sub 5 at e and f
of the Dutch Civil Code, we have no deficiencies to report as a result of
our examination whether the Management report, as defined in the
introduction paragraph of section 13 Group financial statements, and to
the extent we can assess, has been prepared in accordance with part 9
of Book 2 of this Code, and if the information as required under Section
2:392 sub 1 at b - h has been annexed. Further, we report that the
Management report, to the extent we can assess, is consistent with the
consolidated financial statements as required by Section 2:391 sub 4 of
the Dutch Civil Code.
Amsterdam, February 17, 2011
KPMG ACCOUNTANTS N.V.
M.A. Soeting RA