FINANCIAL AND ACCOUNTING INFORMATION In preparing the financial statements, management intentional omissions, misrepresentations, or the is responsible for assessing the Company’s ability override of internal control. to continue as a going concern, disclosing, as applicable, matters related to going concern and •Obtains an understanding of internal control using the going concern basis of accounting unless relevant to the audit in order to design it is expected to liquidate the Company or to cease audit procedures that are appropriate in the operations. circumstances, but not for the purpose of expressing an opinion on the effectiveness of the The Audit Committee is responsible for internal control. monitoring the financial reporting process and the effectiveness of internal control and risks •Evaluates the appropriateness of accounting management systems and where appl icable, pol icies used and the reasonableness of its internal audit, regarding the accounting and accounting estimates and related disclosures financial reporting procedures. made by management inthe financial statements. The financial statements were approved by the Board of Directors. •Assesses the appropriateness of management’s use of the going concern basis of accounting Statutory Auditors’ Responsibilities for the and, based on the audit evidence obtained, Audit of the Financial Statements whether a material uncertainty exists related to events or conditions that may cast significant Objectives and audit approach doubt on the Company’s abi l ity to continue as a going concern. This assessment is based Our role is to issue a report on the financial on the audit evidence obtained up to the date statements. Our objective is to obtain reasonable of his audit report. However, future events or assurance about whether the financial statements conditions may cause the Company to cease 5 as a whole are free from material misstatement. to continue as a going concern. If the statutory Reasonable assurance is a high level of assurance, auditor concludes that a material uncertainty but is not a guarantee that an audit conducted in exists, there is a requirement to draw attention accordance with professional standards will always in the audit report to the related disclosures in detect a material misstatement when it exists. the financial statements or, if such disclosures Misstatements can arise from fraud or error and are not provided or inadequate, to modify the are considered material if, individual ly or in the opinion expressed therein. aggregate, they could reasonably be expected to influence the economic decisions of users taken on •Evaluates the overal l presentation of the the basis of these financial statements. financial statements and assesses whether these statements represent the underlying As specified in Article L.823-10-1 of the French transactions and events in a manner that Commercial Code (Code de commerce), our achieves fair presentation. statutory audit does not include assurance on the viabi l ity of the Company or the qual ity of Report to the Audit Committee management of the affairs of the Company. We submit a report to the Audit Committee which As part of an audit conducted in accordance with includes in particular a description of the scope of professional standards appl icable in France, the the audit and the audit program implemented, as statutory auditor exercises professional judgment well as the results of our audit. We also report, if any, throughout the audit and furthermore: significant deficiencies in internal control regarding the accounting and financial reporting procedures •Identifies and assesses the risks of material that we have identified. misstatement of the financial statements, whether due to fraud or error, designs and performs audit Our report to the Audit Committee includes procedures responsive to those risks, and obtains the risks of material misstatement that, in our audit evidence considered to be sufficient and professional judgment, were of most significance appropriate to provide a basis for his opinion. in the audit of the financial statements of the The risk of not detecting a material misstatement current period and which are therefore the key resulting from fraud is higher than for one resulting audit matters that we are required to describe in from error, as fraud may involve collusion, forgery, this report. REXEL 2017 – REGISTRATION DOCUMENT 297