2014 Registration Document and Annual Financial Report - page 168

Financial Statemements
Statutory Auditor’s report on the consolidated financial statements
Year ended December 31, 2014
This is a free translation into English of the statutory auditors’ report on the consolidated financial statements issued in the French language and is provided solely
for the convenience of English speaking users.The statutory auditors’ report includes information specifically required by French law in such reports, whether
modified or not.This information is presented below the opinion on the consolidated financial statements and includes explanatory paragraphs discussing the
auditors’ assessments of certain significant accounting and auditing matters. These assessments were made for the purpose of issuing an audit opinion on
the consolidated financial statements taken as a whole and not to provide separate assurance on individual account captions or on information taken outside
of the consolidated financial statements. This report also includes information relating to the specific verification of information given in the management
report.This report should be read in conjunction with, and is 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 your Annual
General Meeting, we hereby report to you, for the year ended
December 31, 2014, on:
the audit of the accompanying consolidated financial statements
of Accor;
the justification of our assessments;
the specific procedure required by law.
These consolidated 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 consolidated financial
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
consolidated financial 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 consolidated financial 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 consolidated financial
statements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the consolidated financial statements give a true and
fair view of the assets and liabilities and of the financial position
of the Group as at December 31, 2014 and of the results of its
operations for the year then ended in accordance with the IFRSs
as adopted by the European Union.
Without qualifying our conclusion, we draw your attention to Note
2 to the year ended consolidated financial statements describing
the new standards and amendments to existing standards used by
Accor from January 1, 2014 and particularly the impacts resulting
from the application of IFRS 11-
Joint arrangements
II. Justification of our assessments
In accordance 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:
notes 2.E.4., 2.E.6. and 2.E.7. to the consolidated financial
statements describe the accounting policies and methods used to
account for leases and sale-and-leaseback transactions as well as
the policies and methods used to assess the recoverable amount
of property, plant and equipment, intangible assets, and goodwill.
We have verified the appropriateness of these accounting policies
and methods and of the related disclosures provided in notes 7.
14. et 33. to the consolidated financial statements.We have also
examined the consistency of the data and assumptions used and
the supporting documentation, and on these bases assessed the
reasonableness of the estimates made;
note 40 to the consolidated financial statements describes the legal
proceedings currently underway regarding tax audits in various
countries, as well as Management’s positions concerning these
disputes. Our work consisted of assessing the reasonableness of
the elements on which these positions are based and verifying
that the note to the consolidated financial statements provides
appropriate disclosures.
These assessments were made as part of our audit of the
consolidated financial statements taken as a whole, and therefore
contributed to the opinion we formed which is expressed in the
first part of this report.
III. Specific procedure
As required by law, we have also verified in accordance with
professional standards applicable in France the information presented
in the Group’s management report.
We have no matters to report as to its fair presentation and its
consistency with the consolidated financial statements.
Paris-La Défense and Neuilly-sur-Seine, March 13, 2015
The Statutory Auditors
French original signed by
ERNST &YOUNG et Autres
Jacques Pierres
Pascale Chastaing-Doblin
Registration Document 2014
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