Philips 2010 Annual Report Download - page 206

14 Company financial statements 14.5 - 14.5
206 Annual Report 2010
14.5 Independent auditor’s report - Company
Independent auditor’s report
To the Supervisory Board and Shareholders of Koninklijke Philips
Electronics N.V.:
Report on the Company financial statements
We have audited the accompanying Company financial statements 2010
which are part of the financial statements of Koninklijke Philips
Electronics N.V., Eindhoven, the Netherlands, and comprise the
Company balance sheet as at December 31, 2010, the Company
statements of income and changes in equity for the year then ended, and
the notes, comprising a summary of the accounting policies and other
explanatory information as included in section 14 to 14.5.
Management’s responsibility
The Board of Management is responsible for the preparation and fair
presentation of the Company financial statements and for the
preparation of the Management report, both 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 Company 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 Company 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
Company financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the Company financial
statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material
misstatement of the Company 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 Company 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 Company 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 Company 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 for the year then ended in
accordance 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
Company 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