Siemens 2010 Annual Report Download - page 329

261 Additional information 147 Consolidated Financial Statements
262 Statement of the Managing Board
262 Responsibility statement
263 Independent auditors’ report
264 Five-year summary
266 Glossary
269 Index
273 Information resources
275 Company structure

We have audited the consolidated financial statements pre-
pared by Siemens Aktiengesellschaft, Berlin and Munich, com-
prising the consolidated statements of financial position, in-
come, comprehensive income, cash flows and changes in
equity and the notes to the consolidated financial statements,
together with the group management report, which is com-
bined with the management report of Siemens Aktiengesell-
schaft, for the fiscal year from 1 October 2009 to 30 September
2010. The preparation of the consolidated financial statements
and the group management report in accordance with IFRS
as adopted by the European Union (EU), and the additional
requirements of German commercial law pursuant to Sec.
315a (1) HGB [“Handelsgesetzbuch”: “German Commercial
Code”] are the responsibility of the Managing Board of
Siemens Aktiengesellschaft. Our responsibility is to express an
opinion on the consolidated financial statements and on the
group management report based on our audit. In addition we
have been instructed to express an opinion as to whether the
consolidated financial statements comply with IFRS as issued
by the IASB.
We conducted our audit of the consolidated financial state-
ments in accordance with Sec. 317 HGB and German generally
accepted standards for the audit of financial statements pro-
mulgated by the Institut der Wirtschaftsprüfer [Institute of
Public Auditors in Germany] (IDW) and in supplementary com-
pliance with International Standards on Auditing (ISA). 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 operations in
the consolidated financial statements in accordance with the
applicable financial reporting framework and in the group
management report are detected with reasonable assurance.
Knowledge of the business activities and the economic and
legal environment of the Group and expectations as to possi-
ble misstatements are taken into account in the determination
of audit procedures. The effectiveness of the accounting-relat-
ed 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 Manag-
ing Board, as well as evaluating the overall presentation of the
consolidated financial statements and the 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 consoli-
dated financial statements comply with IFRS as adopted by the
EU and the additional requirements of German commercial
law pursuant to Sec. 315a (1) HGB and IFRS as issued by the
IASB 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 devel-
opment.
Munich, November 25, 2010
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Prof. Dr. Pfitzer Krämmer
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
Independent auditors’ report