FINANCIAL AND ACCOUNTING INFORMATION from suppliers, and assessed the fulfilment of any accounting unless it expects to l iquidate the conditional targets in terms of volumes purchased; Company or to cease operations. •assessed the recoverabil ity of suppl ier rebate The Audit Committee is responsible for monitoring receivables and verified that there are no aged the financial reporting process and the effectiveness uncollected receivables; of internal control and risk management systems compared the rebates col lected after year-end and where applicable, its internal audit, regarding • the accounting and financial reporting procedures. with the rebate receivables recorded at year-end to assess the reliability of management estimates; The consol idated financial statements were verified, on a sample basis, the appropriate approved by the Board of Directors. • allocation of suppliers rebates to the valuation of inventories. Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Verification of the Information Pertaining to the Objective and audit approach Group Presented in the Management Report As required by law we have also verified in Our role is to issue a report on the consolidated accordance with professional standards applicable financial statements. Our objective is to obtain in France the information pertaining to the Group reasonable assurance about whether the presented in the management report of the Board consolidated financial statements as a whole are of Directors. free from material misstatement. Reasonable assurance is a high level of assurance, but is not a We have no matters to report as to its fair presentation guarantee that an audit conducted in accordance and its consistency with the consolidated financial with professional standards wil l always detect a statements. material misstatement when it exists. Misstatements 5 can arise from fraud or error and are considered Report on Other Legaland Regulatory material if, individual ly or in the aggregate, they Requirements could reasonably be expected to influence the economic decisions of users taken on the basis of Appointment of the Statutory Auditors these consolidated financial statements. We were appointed as Statutory Auditors of Rexel by the Annual General Meetings held on May 16, As specified in Article L.823-10-1 of the French 2012 for PricewaterhouseCoopers Audit and May 25, Commercial Code, our statutory audit does not 2016 for KPMG Audit. include assurance on the viability of the Company or the quality of management of the affairs of the As at December 31, 2017, PricewaterhouseCoopers Company. Audit was in the sixth year and KPMG Audit in the second year of total uninterrupted engagement, As part of an audit conducted in accordance with respectively. professional standards appl icable in France, the Statutory Auditor exercises professional judgment Responsibilities of Management and Those throughout the audit and furthermore: Charged with Governance for the Consolidated Identifies and assesses the risks of material • Financial Statements misstatement of the consol idated financial Management is responsible for the preparation statements, whether due to fraud or error, designs and fair presentation of the consolidated financial and performs audit procedures responsive to statements in accordance with International those risks, and obtains audit evidence considered Financial Reporting Standards as adopted by the to be sufficient and appropriate to provide a basis European Union and for such internal control as for his/her opinion. The risk of not detecting a management determines is necessary to enable the material misstatement resulting from fraud preparation of consolidated financial statements is higher than for one resulting from error, as that are free from material misstatement, whether fraud may involve col lusion, forgery, intentional due to fraud or error. omissions, misrepresentations, or the override of internal control. In preparing the consolidated financial statements, management is responsible for assessing the •Obtains an understanding of internal control Company’s ability to continue as a going concern, relevant to the audit in order to design disclosing, as applicable, matters related to going audit procedures that are appropriate in the concern and using the going concern basis of circumstances, but not for the purpose of REXEL 2017 – REGISTRATION DOCUMENT 273