2013 Registration document and annual financial report - page 282

Registration Document 2013
Financial Statemements
Statutory auditors’ report on the financial statements
Year ended December 31, 2013
This is a free translation into English of the Statutory Auditors’
report issued in French and is provided solely for the convenience
of English speaking readers.The Statutory Auditors’ report includes
information specifically required by French law in such reports,
whether qualified or not. This information is presented below the
opinion on the parent company financial statements and includes
an explanatory paragraph discussing the Auditors’ assessments
of certain significant accounting and auditing matters. These
assessments were considered for the purpose of issuing an audit
opinion on the parent company financial statements taken as a
whole and not to provide separate assurance on individual account
captions or on information taken outside of the parent company
financial statements.
This report should be read in conjunction with and construed in
accordance with French law and professional auditing standards
applicable in France.
To the Shareholders,
In compliance with the assignment entrusted to us by the Annual
Shareholders’ Meeting, we hereby report to you for the year ended
December 31, 2013 on:
the audit of the accompanying financial statements of Accor SA;
the justification of our assessments;
the specific verifications and disclosures required by law.
These financial statements have been approved by the Board of
Directors. Our role is to express an opinion on these consolidated
financial 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 financial statements are free of material misstatement. An
audit involves examining, using sample testing techniques or other
selectionmethods, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a reasonable basis for our opinion.
In our opinion, the financial statements give a true and fair view of
the financial position and the assets and liabilities of the Company
at December 31, 2013 and of the results of its operations for the
year then ended, in accordance with French generally accepted
accounting principles.
Without qualifying the opinion expressed above, we draw your
attention to notes 1.k, 7.B and 7.C to the financial statements, which
describe the change in accounting method following application
in the financial statements for the year of ANC recommendation
2013-02 concerning the rules for measuring and recognizing the
Company’s obligation for the payment of pensions and other
post-retirement benefits
II. Justification of our assessments
In compliance with the requirements of Article L. 823-9 of the French
Commercial Code (Code de commerce) relating to the justification of
our assessments, we bring to your attention the following matters:
Note 1.c to the financial statements sets out the accounting
policies and methods used to value shares in subsidiaries and
affiliates and other long-term investments. We have verified the
appropriateness of these accounting policies and methods and of
the related disclosures in the notes to the financial statements.We
have also examined the consistency of the data and assumptions
used and the supporting documentation provided, and on these
bases have assessed the reasonableness of the estimates made.
The introductory paragraph to the financial statements, as well
as note 7, present the accounting impact of the restructuring
operations carried out or initiated by your Company during the
year, in particular the implementation of the voluntary separation
plans in the Parisian head offices. Our work consisted of assessing
the recognition of the expense in 2013 and the reasonableness
of the estimates underlying the amount of provisions recorded
for the year.
Note 22 to the financial statements describes the latest
developments in a tax audit relating to 2010 and presents
Management’s positions concerning the proposed adjustments
that were notified in late 2013. Our work consisted of assessing
the reasonableness of the elements on which these positions
are based and verifying that the note to the financial statements
provides appropriate disclosures.
These assessments were performed as part of our audit approach
for the financial statements taken as a whole and contributed to the
formation of our opinion expressed in the first part of this report.
III. Specific verifications and disclosures
We have also performed, in accordance with professional standards
applicable in France, the specific verifications required by French law.
We have no matters to report as to the fair presentation and the
consistency with the financial statements of the information given
in the management report of the Board of Directors and in the
documents addressed to the shareholders with respect to the
Company’s financial position and financial statements.
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