registration document France Telecom 2009 - Orange.com

financial information concerning the issuer’s assets and liabilities, financial position and profits and losses
20
REPORT OF THE STATUORY AUDITORS ON THE ANUAL FINANCIAL STATEMENTS
20.2.2 Statutory A uditors’ report on the financial statements
Year ended December 31, 2009
To The Shareholders,
In compliance with the assignment entrusted to us by your
Annual General Meeting, we hereby report to you for the year
ended December 31, 2009 on:
■ the audit of the accompanying fi nancial statements of France
Telecom;
■ the justifi cation of our assessments;
■ the specifi c verifi cations and disclosures required by French law.
These fi nancial statements have been approved by the Board
of Directors. Our role is to express an opinion on these fi nancial
statements based on our audit.
I. Opinion on the financial statements
We conducted our audit in accordance with professional
standards applicable in France. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the fi nancial statements are free of material
misstatement. An audit involves performing procedures,
using sampling techniques or other methods of selection, to
obtain audit evidence about the amounts and disclosures in
the fi nancial statements. An audit also includes evaluating
the appropriateness of accounting policies used and the
reasonableness of accounting estimates made, as well as the
overall presentation of the fi nancial statements. We believe
that the audit evidence we have obtained is suffi cient and
appropriate to provide a basis for our audit opinion.
In our opinion, the fi nancial statements give a true and fair
view of the assets and liabilities and of the fi nancial position of
the Company as of December 31, 2009 and the results of its
operations for the year then ended in accordance with French
accounting principles.
II. Justification of our assesments
In accordance with the requirements of Article L. 823-9 of the
French Commercial Code (Code de commerce) relating to the
justifi cation of our assessments, we bring to your attention the
following matters:
As stipulated in Note 2.3 to the fi nancial statements, the
management of France Telecom makes assumptions and uses
accounting estimates that may affect the amounts recorded in the
fi nancial statements as well as the accompanying notes. This note
also states that the actual results may differ from these estimates,
depending on various assumptions or situations. In the context
of our audit of the l fi nancial statements at December 31, 2009,
we have considered that among the accounts that are subject to
signifi cant accounting estimates for which our assessments may
be explained are those relating to fi nancial assets, intangible and
tangible assets and provisions for risks.
We have notably:
■ with respect to the abovementioned assets, assessed
the data and the assumptions on which the estimates are
based, and more specifi cally cash fl ow projections prepared
by the company’s operational management, reviewed the
calculations made by the company and the sensitivity of
the main values in use, compared accounting estimates
made for prior periods with actual results, and reviewed the
management approval procedures for these estimates;
■ with respect to provisions for risks, assessed the basis
upon which such provisions have been set up, reviewed
the disclosures relating to these risks in the notes to the
fi nancial statements, and reviewed the management approval
procedure for such estimates.
These assessments were made as part of our audit of the fi nancial
statements taken as a whole, and therefore contributed to the
opinion we formed which is expressed in the fi rst part of this report.
III. Specific verifications and disclosures
We have also performed the specifi c verifi cations required
by French law in accordance with professional standards
applicable in France.
We have no matters to report as to the fair presentation and
the consistency with the fi nancial statements of the information
given in the management report of the Board of Directors, and
in the documents addressed to shareholders with respect to the
fi nancial position and the fi nancial statements.
Concerning the information given in accordance with the
requirements of Article L. 225-102-1 of the French Commercial
Code (Code de commerce) relating to remunerations and
benefi ts received by the directors and any other commitments
made in their favour, we have verifi ed its consistency with the
fi nancial statements, or with the underlying information used to
prepare these fi nancial statements and, where applicable, with
the information obtained by your company from companies
controlling your company or controlled by it. Based on this work,
we attest the accuracy and fair presentation of this information.
In accordance with French law, we have verifi ed that the required
information concerning the purchase of investments and controlling
interests and the identity of the shareholders and holders of the
voting rights has been properly disclosed in the management report.
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[French original signed at] Neuilly-sur-Seine and Paris-La Défense,
on February 25, 2010 by:
The Statutory Auditors
DELOITTE & ASSOCIES
Frédéric Moulin
ERNST & YOUNG Audit
Vincent d e La Bachelerie
2009 REGISTRATION DOCUMENT / FRANCE TELECOM
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