Siemens 2006 Annual Report Download - page 240
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Statement of the Managing Board
236
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, with the
intention that its financial reporting is conducted in accordance with accepted accounting
principles. The presidents 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 systems. We continually monitor the compliance with these meas-
ures and guidelines, and also the functionality and reliability of our internal control system,
through a company-wide internal audit process.
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 prepared 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 73 of this Annual Report.
Dr. Klaus Kleinfeld Joe Kaeser
President and Executive Vice President and
Chief Executive Officer Chief Financial Officer
of Siemens AG of Siemens AG