Siemens 2014 Annual Report Download - page 126

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Detailed discussion of the financial statements
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft audited the Annual Financial
Statements of Siemens AG, the Consolidated Financial Statements of the Siemens
Group and the Combined Management Report for Siemens AG and the Siemens
Group for fiscal  and issued an unqualified opinion. The Annual Financial
Statements of Siemens AG and the Combined Management Report for Siemens AG
and the Siemens Group were prepared in accordance with the requirements of
German law. The Consolidated Financial Statements of the Siemens Group were
prepared in accordance with the International Financial Reporting Standards (IFRS)
as adopted by the European Union (EU) and with the additional requirements of
German law set out in Section a () of the German Commercial Code (Handels-
gesetzbuch). The financial statements also comply with the IFRS as issued by the
Inter national Accounting Standards Board (IASB). The independent auditors con-
ducted their audit in accordance with Section  of the German Commercial Code
and in compliance with the generally accepted German standards for the audit of
financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW) and
with the International Standards on Auditing (ISA). The above-mentioned docu-
ments as well as the Managing Board’s proposal for the appropriation of net income
were submitted to us by the Managing Board in a timely manner. The Audit Com-
mittee discussed the dividend proposal in detail at its meeting on November ,
. It discussed the Annual Financial Statements of Siemens AG, the Consolidated
Financial Statements of the Siemens Group and the Combined Management Report
in detail at its meeting on December , .
The audit reports prepared by Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft
were distributed to all members of the Supervisory Board and comprehensively
reviewed at the Supervisory Board’s meeting on December , , in the presence
of the independent auditors, who reported on the scope, focal points and main
findings of their audit. No major weaknesses in the Company’s internal control or
risk management systems were reported. At this meeting, the Managing Board
explained the financial statements of Siemens AG and the Siemens Group as well as
the Company’s risk management system.
The Supervisory Board concurs with the results of the audit. Following the
definitive findings of the Audit Committee’s examination and our own examination,
we have no objections. The Managing Board prepared the Annual Financial State-
ments of Siemens AG and the Consolidated Financial Statements of the Siemens
Group. We approved the Annual Financial Statements and the Consolidated Finan-
cial Statements. In view of our approval, the financial statements are accepted as
submitted. At our meeting on December , , we endorsed the Managing Board’s
proposal that the net income available for distribution be used to pay out a divi-
dend of € . per share entitled to a dividend and that the amount of net income
attributable to shares of stock not entitled to receive a dividend for fiscal  be
carried forward.