2014 Registration Document and Annual Financial Report - page 268

Financial Statemements
Statutory Auditors’ report on the financial statements
Year ended December 31, 2014
This is a free translation into English of the statutory auditors’ report issued in French and is provided solely for the convenience of English speaking users.
The statutory auditors’ report includes information specifically required by French law in such reports, whether modified or not. This information is presented
below the opinion on the financial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain significant accounting
and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the financial statements taken as a whole and not
to provide separate assurance on individual account captions or on information taken outside of the financial statements.This report also includes information
relating to the specific verification of information given in the management report and in the documents addressed to shareholders. This report should be
read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.
To the Shareholders
In compliance with the assignment entrusted to us by your Annual
General Meeting, we hereby report to you, for the year ended
December 31, 2014 on:
the audit of the accompanying financial statements of Accor;
the justification of our assessments;
the specific procedures and disclosures 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
as at December 31, 2014 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 matters:
Note 1.c to the financial statements sets out the accounting policies
and methods used to value equity interests in subsidiaries and
affiliates and other long-term investments. We have verified the
appropriateness of these accounting policies and methods and of
the related disclosures in the notes to the financial statements.We
have also examined the consistency of the data and assumptions
used and the supporting documentation provided, and on these
bases have assessed the reasonableness of the estimates made.
Notes 7 and 23 to the financial statements describe the latest
developments in a tax audit relating to 2010 and to 2011 and
presents Management’s positions concerning the proposed
adjustments that were notified in late 2013 and 2014. Our work
consisted of assessing the reasonableness of the elements on
which positions are based and verifying that the note to the
financial statements provides appropriate disclosures.
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 procedures and disclosures
We have also performed, in accordance with professional standards
applicable in France, the specific procedures required by French 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 Board of Directors and in the documents
addressed to shareholders with respect to the financial position
and the financial statements.
Concerning the information given in accordancewith the requirements
of Article L. 225-102-1 of the French Commercial Code relating to
remunerations and benefits received by the directors and any other
commitments made in their favor, we have verified its consistency
with the financial statements, or with the underlying information
used to prepare these financial statements and, where applicable,
with the information obtained by your company from companies
controlling your company or controlled by it. Based on this work,
we attest the accuracy and fair presentation of this information.
In accordancewith French law, we have verified that themanagement
report contains the appropriate disclosures as to the acquisition of
equity and controlling interests, and the identity of shareholders
and holders of voting rights.
Paris-La Défense and Neuilly-sur-Seine, March 13, 2015
The Statutory Auditors
French original signed by
ERNST &YOUNG et Autres
Jacques Pierres
Pascale Chastaing-Doblin
Registration Document 2014
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