Siemens 2005 Annual Report Download - page 70
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70
Financial statements
Our independent auditors, KPMG Deutsche Treuhand-Gesellschaft AG Wirtschafts-
prüfungsgesellschaft, Berlin and Frankfurt/Main (KPMG), audited the Annual Finan-
cial Statements of Siemens AG and the Consolidated Financial Statements of Siemens
worldwide as well as the related management’s discussion and analysis (MD&A) for the
year ended September 30, 2005, in accordance with the requirements of the German
Commercial Code (HGB), and approved them without qualification. The Consolidated
Financial Statements, prepared in accordance with U.S. GAAP, were audited by KPMG in
accordance with the auditing principles of the U.S. Public Company Accounting Over-
sight Board (PCAOB). KPMG also confirmed that the Consolidated Financial Statements
and MD&A fulfill the conditions for exemption from compliance with reporting rules
under German law, and that the Managing Board has implemented an effective risk
management system that meets all relevant legal requirements.
The Managing Board provided us with the above-mentioned documents and its
proposal for the appropriation of net income in a timely manner. The Audit Committee
thoroughly examined these documents, and the Supervisory Board also reviewed
them. The KPMG audit reports were presented to all members of the Supervisory
Board, and we examined the reports thoroughly at our meeting on December 7, 2005,
in the presence of the independent auditors, who reported on the main findings of
their audit. The Managing Board explained the Annual and Consolidated Financial
Statements as well as the risk management system. It also provided a detailed report on
the scope, focal points and costs of the audit.
As a result of the definitive findings of the examination by the Audit Committee
and the full Supervisory Board, we raised no objections. In view of our approval, the
financial statements are accepted as submitted.
We endorse the Managing Board’s proposal that the net income available for distri-
bution be used to pay out a dividend of €1.35 per share entitled to a dividend. In addi-
tion, we approve the proposal that the amount attributable to treasury stock be carried
forward.