Siemens 2005 Annual Report Download - page 214
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Management’s discussion and analysis
214
Statement of the Managing Board
The Managing Board of Siemens AG is responsible for preparing the following consolidated
financial statements and management’s discussion and analysis.
Siemens employs extensive internal controls, company-wide uniform reporting guidelines
and additional measures, including employee training and continuing education, to ensure that
its financial reporting is conducted in accordance with accepted accounting principles. The presi-
dents and chief financial officers (CFOs) of the Groups as well as the presidents and CFOs of the
Siemens companies have confirmed to us both the correctness of the financial data they have
reported to Siemens’ corporate headquarters and the functionality of the related monitoring sys-
tems. We continually monitor the compliance with these measures and guidelines, and also the
functionality and reliability of our internal control system, through a company-wide internal
audit process. In addition, we have established a Disclosure Committee that has evaluated all
documents to be disclosed as to their completeness and conformity with both the provisions of
the Securities and Exchange Act and the rules of the Securities and Exchange Commission (SEC)
in the U.S. and reported the results of this evaluation to us.
Our risk management system complies with the requirements of the German Corporation Act
(AktG). Our risk management system is designed to enable the Managing Board to recognize
potential risks early on and initiate timely countermeasures.
In accordance with the resolution made at the Annual Shareholders’ Meeting, KPMG Deutsche
Treuhand-Gesellschaft Aktiengesellschaft has audited the consolidated financial statements pre-
pared in accordance with U.S. GAAP and management’s discussion and analysis, and issued an
unqualified opinion.
Together with the independent auditors, the Supervisory Board has thoroughly examined the
consolidated financial statements, management’s discussion and analysis, and the independent
auditors’ report. The result of this examination is included in the Report of the Supervisory Board
which begins on page 64 of this Annual Report.
Dr. Klaus Kleinfeld Heinz-Joachim Neubürger
President and Chief Executive Chief Financial Officer
Officer of Siemens AG of Siemens AG