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Psa Financial Analysis

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Submitted By arianevdt
Words 324
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Performance and international accounting

Q2

The external auditors of PSA (and therefore, independent cabinets) are the firm EY, represented by Jean-Louis Simon and Jérôme de Pastors as well as the firm Mazars, represented by Christian Mouillon and Marc Stoessel.

It is important to note that the auditor’s report on financial statements is not an evaluation but just a given opinion. Their responsibility is to express an opinion on those statements. This is what it is explained in the section “opinion on the consolidated financial statements” (Annual Results 2014, p.121)

* “We plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement”: the auditors are underlying the fact that they are not providing a total guarantee. * “We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our audit opinion”: PSA disclosure of information is satisfactory and there are willing to cooperate and to provide accurate data. * “In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the group (…)”: the auditors are positively asserting than the shareholders can rely on this report.

The second part, “justification of our assessments”, provides more explanations and details on specific parts of the report. The auditors detail the methods they used (for example, in accordance with “IFRS 5”)

The assessment ends with the following sentence: * “We have no matters to report as to is fair presentation and its consistency with the consolidated financial statements”: nevertheless, the audit report is not a total guarantee that the report is exempt of misstatements. Shareholders must permanently keep that in mind.

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