Siemens 2005 Annual Report Download - page 216
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Management’s discussion and analysis
216
Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Management's assessment of the effectiveness of Siemens’ internal control over financial
reporting as of September 30, 2005 excludes, in accordance with applicable guidance provided
by the Securities and Exchange Commission, various acquisitions completed in fiscal 2005. For
further information on significant acquisitions excluded see “Notes to Consolidated Financial
Statements, Note 3 aa).” Total assets and revenues of these acquisitions constituted less than 9%
and 3%, respectively, of the related Consolidated Financial Statement line item as of and for the
year ended September 30, 2005. Our audit of internal control over financial reporting of Siemens
AG also excluded an evaluation of the internal control over financial reporting of these 2005
acquisitions described in note 3aa) to the consolidated financial statements.
In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of Siemens AG and subsidiaries as of September 30, 2005
and 2004, and the results of their operations and their cash flows for each of the years then ended
in conformity with accounting principles generally accepted in the United States of America. Also,
in our opinion, management’s assessment that Siemens AG and subsidiaries maintained effective
internal control over financial reporting as of September 30, 2005, is fairly stated, in all material
respects, based on criteria established in Internal Control – Integrated Framework issued by COSO.
Furthermore, in our opinion, Siemens AG maintained, in all material respects, effective internal
control over financial reporting as of September 30, 2005, based on criteria established in Inter-
nal Control – Integrated Framework issued by COSO.