Retrieved from: http://www.shell.com/global/aboutshell/media/reports-publications.html). The audit report was issued by PricewaterhouseCoopers LLP (the "independent auditors"), Chartered Accountants and Statutory Auditors located in London. The independent auditors provided the following opinion on the consolidated financial statements for the year ended December 31, 2013: .
"In our opinion, the Consolidated Financial Statements of Royal Dutch Shell plc (the Company) and its subsidiaries (collectively Shell), give a true and fair view of the state of Shell's affairs as at December 31, 2013, and Shell's income and cash flows for the year then ended; have been properly prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union; and, have been prepared in accordance with the requirements of the Companies Act 2006 and Article 4 of the IAS regulation." This opinion means that the consolidated financial statements are free from material misstatements and faithfully represent the financial position and performance of the company. It is further implied that the financial statements are factually correct and have been prepared according to the standards set by the International Accounting Standards Board (IASB) and do not contain any material misstatements that may mislead the users of the financial statements. Similarly, it is implied that the consolidated financial statements are presented without any material element of bias and that the consolidated financial statements reflect the economic substance of transactions, rather than merely mechanically reflecting accounting journal entries. .
While analyzing provided information it is worth to begin with describing the method of inventory valuation used and the method of depreciation used. Inventory is a material line item on the company's balance sheet and would have been a significant audit area for the independent auditors (Royal Dutch Shell plc.
