Samsung 2011 Annual Report Download - page 18

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REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of Samsung Electronics Co., Ltd.
In our opinion, based on our audits, the consolidated
nancial statements referred to above present fairly,
in all material respects, the nancial position of
Samsung Electronics Co., Ltd. and its subsidiaries as
of December 31, 2011 and December 31, 2010 and
of their nancial performance and their cash ows
for the years ended December 31, 2011 and 2010,
in accordance with International Financial Reporting
Standards as adopted by the Republic of Korea.
We have audited the accompanying consolidated
nancial statements of Samsung Electronics Co.,
Ltd. and its subsidiaries (collectively referred to as
the “Company”), which comprise the consolidated
statements of nancial position as of December
31, 2011 and December 31, 2010, the related
consolidated statements of income, comprehensive
income, changes in equity and cash ow for the
years ended December 31, 2011 and 2010, and
the related notes. These nancial statements are
the responsibility of the Company’s management.
Our responsibility is to express an opinion on these
consolidated nancial statements based on our
audit. We did not audit the nancial statements of
certain subsidiaries, whose nancial statements
represents 7.6% and 9.2% of the consolidated
total assets as of December 31, 2011 and
2010, respectively, and 20.4% and 23.2% of the
consolidated total sales for the year then ended,
respectively. Those nancial statements were
audited by other auditors whose reports thereon
have been furnished us, and our opinion expressed
herein, insofar as it related to the amounts included
for those subsidiaries, is based solely on the
reports of the other auditors.
We conducted our audits in accordance with
auditing standards generally accepted in the
Republic of Korea. Those standards require
that we plan and perform the audit to obtain
reasonable assurance about whether the nancial
statements are free of material misstatement.
An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures
in the nancial statements. An audit also includes
assessing the accounting principles used and
signicant estimates made by management, as
well as evaluating the overall nancial statement
presentation. We believe that our audits and the
reports of the other auditors provide a reasonable
basis for our opinion.
Seoul, Korea
February 22, 2012
Samil PricewaterhouseCoopers
This report is effective as of February 22, 2012, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report
date and the time of reading this report, could have a material impact on the accompanying consolidated nancial statements and notes thereto. Accordingly,
the readers of the audit report should understand that there is a possibility that the above audit report may have to be revised to reect the impact of such
subsequent events or circumstances, if any.