Siemens 2011 Annual Report Download - page 375

153 D. Consolidated Financial Statements 273 E. Additional information
274 E. Statement of the Managing Board
274 E. Responsibility statement
275 E. Independent Auditors’ report
276 E.4 Five-year summary
278 E. Glossary
281 E.6 Index
283 E.7 Information resources / Further information
285 E.8 Company structure

We have audited the Consolidated Financial Statements pre-
pared by Siemens Aktiengesellschaft, Berlin and Munich,
comprising the consolidated statements of financial position,
income, comprehensive income, cash flow and changes in
equity and the notes to the Consolidated Financial State-
ments, together with the group management report, which is
combined with the management report of Siemens Aktien-
gesellschaft, for the fiscal year from October ,  to Sep-
tember , . 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 ad-
ditional requirements of German commercial law pursuant to
Section a () HGB [“Handelsgesetzbuch”: “German Com-
mercial 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 is-
sued by the IASB.
We conducted our audit of the Consolidated Financial State-
ments in accordance with Section  HGB and German gener-
ally accepted standards for the audit of financial statements
promulgated 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 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 in-
cludes assessing the annual financial statements of those en-
tities included in consolidation, the determination of entities
to be included in consolidation, the accounting and consolida-
tion principles used and significant estimates made by the
Managing Board, as well as evaluating the overall presenta-
tion of the Consolidated Financial Statements and the group
management report. We believe that our audit provides a rea-
sonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the Con-
solidated Financial Statements comply with IFRS as adopted
by the EU and the additional requirements of German com-
mercial law pursuant to Section a () HGB and IFRS as is-
sued by the IASB and give a true and fair view of the net as-
sets, financial position and results of operations of the Group
in accordance with these requirements. The group manage-
ment 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.
Munich, November , 
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Krämmer Prof. Dr. Hayn
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
E. Independent Auditors’ report