Siemens 2006 Annual Report Download - page 241

Independent Auditors’ Report 237
Independent Auditors’ Report
We have audited the consolidated financial statements, prepared by Siemens Aktien-
gesellschaft, Berlin and Munich, comprising the balance sheet, the income statement, state-
ment of changes in equity, cash flow statement and the notes to the consolidated financial
statements, together with the group management report for the business year from October 1,
2005 to September 30, 2006. The preparation of the consolidated financial statements in
accordance with Accounting Principles Generally Accepted in the United States of America
(US-GAAP) and the group management report in accordance with German commercial law
are the responsibility of the Managing Board of the Company. Our responsibility is to express
an opinion on the consolidated financial statements and on the group management report
based on our audit.
We conducted our audit of the consolidated financial statements in accordance with § 317
HGB (Handelsgesetzbuch “German Commercial Code”) and German generally accepted stan-
dards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer
(IDW). Those standards require that we plan and perform the audit such that misstatements
materially affecting the presentation of the net assets, financial position and results of opera-
tions in the consolidated financial statements in accordance with the applicable financial
reporting framework and in the group management report are detected with reasonable assur-
ance. Knowledge of the business activities and the economic and legal environment of the
Group and expectations as to possible misstatements are taken into account in the determina-
tion of audit procedures. The effectiveness of the accounting-related internal control system
and the evidence supporting the disclosures in the consolidated financial statements and the
group management report are examined primarily on a test basis within the framework of the
audit. The audit includes assessing the annual financial statements of those entities included
in consolidation, the determination of entities to be included in consolidation, the accounting
and consolidation principles used and significant estimates made by the Managing Board, as
well as evaluating the overall presentation of the consolidated financial statements and group
management report. We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the consolidated financial statements
comply with the Accounting Principles Generally Accepted in the United States of America and
give a true and fair view of the net assets, financial position and results of operations of the
Group in accordance with these requirements. The group management report is consistent
with the consolidated financial statements and as a whole provides a suitable view of the
Group’s position and suitably presents the opportunities and risks of future development.
In addition, we confirm that the consolidated financial statements and the group manage-
ment report for the business year from October 1, 2005 to September 30, 2006 satisfy the con-
ditions required for the Company’s exemption from its duty to prepare consolidated financial
statements in accordance with German law together with the group management report.
Munich, Germany
December 6, 2006
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Prof.Dr. Nonnenmacher v. Heynitz
Wirtschaftsprüfer Wirtschaftsprüfer
(Independent Auditors)