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039038
2014 Samsung Electronics Annual Report2014 Samsung Electronics Annual Report
This report is effective as at February 24, 2015, 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 financial 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 reflect the impact of such subsequent events or circumstances, if any.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits in accordance with the
Korean Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain rea-
sonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial state-
ments, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting esti-
mates made by management, as well as evaluating the overall presen-
tation of the financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of the Group as at December 31,
2014 and 2013, and their financial performance and their cash flows for
the years then ended in accordance with the Korean IFRS.
Other Matters
The consolidated financial statements of the Group as at and for the
year ended December 31, 2013 were audited in accordance with the
previous Korean Standards on Auditing. We did not audit the financial
statements of certain subsidiaries, whose financial statements rep-
resents 6.8% of the Group’s consolidated total assets as at December
31, 2013, and 25.6% of the Group’s consolidated sales for the year
then ended. These financial statements were audited by other auditors
whose report has been furnished to us and our opinion, insofar as it re-
lates to the amounts included for those subsidiaries, is based solely on
the report of the other auditors.
Auditing standards and their application in practice vary among
countries. The procedures and practices used in the Republic of Korea
to audit such financial statements may differ from those generally ac-
cepted and applied in other countries.
February 24, 2015
Seoul, Korea