Audi 2010 Annual Report Download - page 5

consultations included the crises in individual European
countries and their impact on sales, as well as the sales
strategy for the coming decade. Following detailed
consultations, the Supervisory Board approved the fi nan-
cial, personnel and investment plans at its meeting on
November 29, 2010, thereby endorsing the course of growth
adopted by the Board of Management. After in-depth dis-
cussions the Supervisory Board moreover approved specifi c
targets in respect of its composition and the content of the
annual Declaration of Compliance in accordance with
Section 161 of the German Stock Corporation Act (AktG).
The Audit Committee, too, met once per quarter
throughout the past fi scal year; it considered the Annual
and Consolidated Financial Statements for 2009, risk
management, progress in the area of compliance and the
increasingly rapid changes taking place in individual key
markets, along with the corresponding response by the
Board of Management. The Audit Committee in addition
discussed the content of the 2010 Interim Financial Report
with the Board of Management in the presence of the
auditors prior to its publication.
The Audit Committee also advised on the independence
of the auditor, the fi ndings of additional audits commis-
sioned and the current situation at the end of 2010.
On May 20, 2010 PricewaterhouseCoopers Aktiengesell-
schaft Wirtschaftsprüfungsgesellschaft was appointed
by the Annual General Meeting of AUDI AG as auditor of
the accounts for the 2010 fi scal year, at the proposal
of the Supervisory Board. The Supervisory Board awarded
the audit assignment to the auditing fi rm immediately
after its election. The auditor of the accounts confi rmed
the Annual Financial Statements of AUDI AG and the
Consolidated Financial Statements of the Audi Group, as
well as the Management Reports for AUDI AG and the
Audi Group for the 2010 fi scal year, and in each case issued
its unqualifi ed certifi cation.
The members of the Audit Committee and Supervisory
Board received the documentation for the Annual and
Consolidated Financial Statements, together with the
corresponding audit reports from the auditors, well in
advance of the meeting on February 23, 2011. The auditor
of the accounts presented the key fi ndings of its audit
in detail at the meetings of the Audit Committee and
Supervisory Board, and was subsequently available to the
members of each committee to provide further information
and answer queries. The auditors in addition reported on the
internal control process for fi nancial reporting purposes and
on other services rendered over and above the auditing of
the fi nancial statements. According to information from the
auditors, no circumstances had arisen that might give cause
for concern about the auditors’ partiality.
On the basis of the audit documents received and its
comprehensive discussions with the auditors as well as its
own conclusions, the Audit Committee recommended
to the Supervisory Board at the meeting of the latter on
February 23, 2011 that the Annual and Consolidated
Financial Statements each be signed off . Following
its own discussions the Supervisory Board accepted this
recommendation and signed off the Annual Financial
Statements prepared by the Board of Management as well
as the Consolidated Financial Statements. The Annual
Financial Statements are thus established.
There were the following changes within the Company
in the past fi scal year: Eff ective October 1, 2010 the
Supervisory Board appointed Thomas Sigi to succeed
Dr. Werner Widuckel as Member of the Board of Manage-
ment of AUDI AG with responsibility for Human Resources.
Dr. Werner Widuckel left the Company at his own request
at the end of September 30, 2010. The Supervisory
Board would like to thank Dr. Widuckel for his contribution
towards the running of the Company.
The Board of Management has suitably taken account of
the economic environment and the challenges of the future
when making its plans. It will systematically pursue the
chosen path of economic growth, focusing in particular on
delighting customers through the attractive product range
and providing new, even more effi cient mobility concepts.
The Supervisory Board will constructively continue to
assist the Board of Management with implementing this
growth strategy.
Ingolstadt, February 23, 2011
Prof. Dr. rer. nat. Martin Winterkorn
Chairman of the Supervisory Board
3
“This success of the Audi
Group is principally down to
the huge commitment of all
the people who work for it.”
Prof. Dr. rer. nat. Martin Winterkorn