Vetoquinol Universal Registration Document 2019

Vetoquinol  Universal Registration Document 2019  Financial report   103 6 CONSOLIDATED FINANCIAL STATEMENTS Statutory auditors’ report on the consolidated financial statements 6.6.7 Responsibilities of management and persons charged with governance of the Company in relation to the consolidated financial statements Management is responsible for preparing consolidated financial statements that give a true and fair view of operations in accordance with IFRS as adopted by the European Union, as well as for the implementation of the internal controls it deems necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. During the preparation of the consolidated financial sta- tements, management is responsible for assessing the Company’s capacity to continue as a going concern, for presenting in these financial statements, where appli- cable, the required information in relation to going concern and for applying the accounting policy for a going concern, unless there is a plan to liquidate the Company or cease its activity. The Audit Committee is responsible for monitoring the financial information preparation process and the effi- ciency of the internal control and risk management procedures as well as, where applicable, internal audit, as regards the procedures applied with regard to the preparation and processing of accounting and financial information. The consolidated financial statements have been appro- ved by the Board of Directors. 6.6.8 Responsibilities of the statutory auditors in the audit of the consolidated financial statements Audit procedure and objective It is our responsibility to prepare a report on the conso- lidated financial statements. It is our aim to obtain reasonable assurance that the consolidated financial statements taken as a whole do not contain any mate- rial misstatement. Reasonable assurance means a high level of assurance, but this does not guarantee that an audit performed in accordance with professional stan- dards always enables every material misstatement to be detected. Misstatements may result from fraud or error and are deemed to be material when it can be reasonably expected that they might, individually or col- lectively, influence the financial decisions taken by the users of the financial statements on the basis of those statements. As stipulated in Article L. 823-10-1 of the French Commercial Code, our certification of the financial sta- tements does not entail any guarantee of the viability or quality of your Company’s management. Within the framework of an audit conducted in accor- dance with professional standards applicable in France, the statutory auditors exercise their professional judg- ment throughout the audit. Furthermore, the statutory auditors: • identify and evaluate the risk of the financial state- ments containing material misstatements, whether due to fraud or error, develop and implement audit procedures in response to these risks, and gather suf- ficient and appropriate evidence for their opinion. The risk of failing to detect a material misstatement resul- ting from fraud is higher than in the case of a material misstatement due to error, since fraud can involve collusion, falsification, deliberate omissions, false declarations or the bypassing of the internal control system; • obtain an understanding of the aspects of internal control that are relevant to the audit in order to develop appropriate audit procedures, but not in order to express an opinion as to the effectiveness of the inter- nal control system; • assess the appropriateness of the accounting methods used and the reasonableness of the accounting esti- mates made by management, as well as of the related information provided in the consolidated financial statements; • assess the appropriateness of management’s use of the going concern principle in accounting and, according to the evidence obtained, the existence or non-existence of material uncertainty connec- ted with events or situations likely to cast doubt on the Company’s ability to continue its operations. This assessment is based on the evidence obtained up to the date of his report, on the understanding however that subsequent circumstances or events may cast doubt on the Company’s ability to continue as a going concern. If they conclude that there is material uncer- tainty, they are obliged to draw the attention of readers of their report to the information contained in the financial statements concerning this uncertainty or, if this information is not provided or is irrelevant, to issue a certification with reservations or refuse to certify;