Sennheiser 2010 Annual Report Download - page 44

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We have audited the consolidated financial statements – comprising the consolidated balance
sheet, the consolidated profit and loss statement, the notes on the consolidated financial
statements, the consolidated cash flow statement and the consolidated statement of share-
holder’s equity – and the consolidated management report of Sennheiser electronic GmbH & Co.
KG, Wennebostel, Germany, for the financial year from January 1 to December 31, 2010. The
maintenance of the books and records and the preparation of the consolidated financial state-
ments and consolidated management report in accordance with German commercial law are the
responsibility of the parent Company’s management. Our responsibility is to express an opinion
on the consolidated financial statements and the consolidated management report based on
our audit.
We conducted our audit of the consolidated financial statements in accordance with Section
317 HGB and German generally accepted standards for the audit of financial statements
promulgated by the Institut der Wirtschaftsprüfer (German Institute of Auditors). Those
standards require that we plan and perform the audit such that misstatements materially
affecting the presentation of the net assets, financial position and results of operations in the
consolidated financial statements in accordance with German principles of proper accounting
and in the consolidated management report are detected with reasonable assurance.
Knowledge of the business activities and the economic and legal environment of the company
and expectations as to possible misstatements are taken into account in the determination of
audit procedures. The effectiveness of the accounting-related internal control system and the
evidence supporting the disclosures in the books and records, the consolidated financial
statements and the consolidated management report are examined primarily on a test basis
within the framework of the audit. The audit includes assessing the annual financial statements
included in the consolidated financial statements, the definition of the reporting entity, the
accounting and consolidation principles used and significant estimates made by the manage-
ment, as well as evaluating the overall presentation of the consolidated financial statements
and consolidated management report. We believe that our audit provides a reasonable basis for
our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the consolidated financial statements
of Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany, comply with the legal
requirements and give a true and fair view of the net assets, financial position and results of
operations of the company in accordance with German principles of proper accounting. The con-
solidated management report is consistent with the consolidated financial statements and,
as a whole, provides a suitable view of the company’s position and accordingly presents the
opportunities and risks of future development.
Hanover, April 18, 2011
Deloitte & Touche GmbH
Audit Firm
Dr. Beine Ziegenbein
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
Independent Auditors’ Report
86 AUD IT C E RTIF I CATE