Reporting & Audit - Financial Accounting
The accompanying Consolidated Financial Statements present the operations of Siemens AG with registered offices in Berlin and Munich, Germany, and its subsidiaries (the Company or Siemens). They have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (EU) as well as with the additional requirements as set forth in section 315a(1) of the German Commercial Code (HGB). The financial statements are also in accordance with IFRS as issued by the IASB. The Managing Board of Siemens AG is responsible for preparing the consolidated financial statements. The Supervisory Board approved the consolidated financial statements; as such, they have been accepted. The IFRS consolidated financial statements for fiscal years 2012 and 2011 were audited by Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft (E&Y); for both years E&Y issued an unqualified opinion.
In addition, Siemens is subject to reporting requirements released by the US Securities and Exchange Commission (SEC), due to its listing on the New York Stock Exchange (NYSE). Pursuant to SEC’s Sarbanes Oxley Act (SOA) 404, Management needs to prepare an annual report on its internal controls over financial reporting which is filed with the SEC as part of the annual Form 20-F. In particular, Management needs to assess and conclude on the effectiveness of the Company’s internal control over financial reporting. In fiscal years 2012 and 2011, Management concluded that Siemens’ internal controls over financial reporting were effective.
Siemens AG’s financial statements are prepared in accordance with accounting rules of the German Commercial Code (HGB). The Managing Board of Siemens AG is responsible for preparing the financial statements of Siemens AG. The financial statements of Siemens AG for fiscal years 2012 and 2011 were audited by Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft (E&Y). For each year, E&Y issued an unqualified opinion.