Garmin 2010 Annual Report Download - page 116

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S-2
Ernst & Young Ltd
Brandschenkestrasse 100
P.O. Box
CH-8022 Zurich
Phone +41 58 286 31 11
Fax +41 58 286 34 65
www.ey.com/ch
To the General Meeting of
Garmin Ltd., Schaffhausen
Zurich, 23 February 2011
Report of the statutory auditor on the financial statements
As statutory auditor, we have audited the accompanying financial statements of Garmin Ltd., which comprise the
balance sheet, statement of income and notes, for the period from 9 February 2010 to 25 December 2010.
Board of Directors’ responsibility
The Board of Directors is responsible for the preparation of the financial statements in accordance with the
requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing,
implementing and maintaining an internal control system relevant to the preparation of financial statements that are
free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for
selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the
circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the
audit to obtain reasonable 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 statements, whether due to fraud or error. In making those risk assessments, the
auditor considers the internal control system relevant to the entity’s preparation 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 system. An audit also includes evaluating the appropriateness of
the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall
presentation 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 financial statements for the period from 9 February 2010 to 25 December 2010 comply with
Swiss law and the company’s articles of incorporation.