Siemens 2010 Annual Report Download - page 328

6 To our shareholders 21 Corporate Governance 49 Combined management’s discussion and analysis
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Munich, November 25, 2010
Siemens AG
The Managing Board
Peter Löscher Wolfgang Dehen Brigitte Ederer
Joe Kaeser Barbara Kux Prof. Dr. Hermann Requardt
Prof. Dr. Siegfried Russwurm Peter Y. Solmssen
The Managing Board of Siemens Aktiengesellschaft is respon-
sible for preparing the consolidated financial statements and
the group management report. The consolidated financial
statements have been prepared in accordance with accepted
accounting principles and complemented by internationally
customary additional information. The group management
report is consistent with the consolidated financial statements
and is combined with the management report of Siemens
Aktiengesellschaft.
Siemens employs extensive internal controls, company-wide
uniform reporting guidelines and additional measures, includ-
ing employee training and continuing education, with the in-
tention that its financial reporting is conducted in accordance
with accepted accounting principles.
Members of the management of the Sectors, Divisions, Cross-
Sector Businesses, Cross-Sector Services, Regional Clusters
and certain Corporate Units, supported by certifications of
management of entities under their responsibility have con-
firmed to us the correctness of the financial data they have
reported to Siemens’ corporate headquarters and the effec-
tiveness of the related control systems. Compliance with the
guidelines as well as the reliability and effectiveness of the
control systems are continuously examined by Internal Corpo-
rate Audit throughout the group.
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 adopted at the Annual Share-
holders’ Meeting, Ernst & Young GmbH Wirtschaftsprüfungsge-
sellschaft has audited the consolidated financial statements and
group management report, and issued an unqualified opinion.
Together with the independent auditors, the Supervisory
Board has thoroughly examined the consolidated financial
statements, the group management report, and the indepen-
dent auditors’ report. The result of this examination is includ-
ed in the Report of the Supervisory Board (pages 6 to 11 of the
financial section of this Annual Report).
The Managing Board
of Siemens Aktiengesellschaft
To the best of our knowledge, and in accordance with the
applicable reporting principles, the consolidated financial
statements give a true and fair view of the assets, liabilities,
financial position and profit or loss of the group, and the
group management report, which has been combined with
the management report for Siemens AG, includes a fair review
of the development and performance of the business and the
position of the group, together with a description of the mate-
rial opportunities and risks associated with the expected de-
velopment of the group.
Statement of the Managing Board
Responsibility statement