Loreal 2011 Annual Report Download - page 178

176 REGISTRATION DOCUMENT − L’ORÉAL 2011
52011 parent company Financial Statements
Statutory Auditors’ Report onthe nancial statements
5.10 . Statutory Auditors’ Report onthefinancial
statements
(Year ended December31st 2011)
In compliance with the assignment entrusted to us by your Annual General Meeting, we hereby report to you, for the year ended
December31st 2011, on:
♦the audit of the accompanying financial statements of L’Oréal;
♦the justification of our assessments;
♦the specific verifications and information required by law.
These financial statements have been approved bythe Board of Directors.Our role is to express an opinion on these financial
statements based on our audit.
I - Opinion on the financial statements
We conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit involves performing procedures, using sampling techniques or other methods of selection, to obtain audit evidence about the
amounts and disclosures in the financial statements. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made, as well as 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.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company
at December31st 2011, and of the results of its operations for the year then ended in accordance with French accounting principles.
II - Justification of our assessments
In accordance with the requirements of Article L.823-9 of the French Commercial Code ( Code de commerce ) relating to the
justification of our assessments, we bring to your attention the following matter:
Investments have been valued in accordance with the accounting methods described in note1.7.1 “Accounting policies – Financial
Assets – Investments and advances” to the Company’s financial statements. As part of our audit, we reviewed whether these
accounting methods were appropriate and evaluated the assumptions used.
These assessments were made as part of our audit of the financial statements taken as a whole, and therefore contributed to the
opinion we formed which is expressed in the first part of this report.
III - Specific verifications and information
In accordance with professional standards applicable in France, we have also performed the specific verifications required by law.
We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in
the Management Report of the Board of Directors and in the documents addressed to the shareholders with respect to the financial
position and the financial statements.