2011 Annual Report - OTCIQ.com

66
Consolidated Financial Statements
Independent Auditor’s Report
To E.ON AG, Düsseldorf
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial
statements of E.ON AG, Düsseldorf, and its subsidiaries, which
comprise the consolidated balance sheets, the consolidated
statements of income, the consolidated statements of recognized
income and expenses, the consolidated statements of
cash flows, the statement of changes in equity, and the notes
for the business year from January 1 to December 31, 2011.
Board of Managing Directors’ Responsibility for the
Consolidated Financial Statements
The Board of Managing Directors of E.ON AG, Düsseldorf, is
responsible for the preparation of these consolidated financial
statements. This responsibility includes that these consolidated
financial statements are prepared in accordance with
International Financial Reporting Standards, as adopted by
the EU, and the additional requirements of German commercial
law pursuant to § (Article) 315a Abs. (paragraph) 1 HGB
(“Handelsgesetzbuch”: German Commercial Code) and that
these consolidated financial statements 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 Board of Managing Directors is also responsible for the
internal controls as the Board of Managing Directors determines
is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated
financial statements based on our audit. We conducted our
audit in accordance with § 317 HGB and German generally
accepted standards for the audit of financial statements promulgated
by the Institut der Wirtschaftsprüfer (Institute of
Public Auditors in Germany) (IDW) and additionally observed
the International Standards on Auditing (ISA). Accordingly,
we are required to comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free from
material misstatement.
An audit involves performing audit procedures to obtain audit
evidence about the amounts and disclosures in the consolidated
financial statements. The selection of audit procedures
depends on the auditor’s professional judgment. This includes
the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
error. In assessing those risks, the auditor considers the internal
control system relevant to the entity’s preparation of consolidated
financial statements that give a true and fair view.
The aim of this is to plan and perform audit procedures that
are appropriate in the given circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the
group’s internal control system. An audit also includes evaluating
the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Board
of Managing Directors, as well as evaluating the overall presentation
of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.