BMW 2001 Annual Report Download - page 98

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97
We have audited the consolidated financial state-
ments, comprising the income statement, the
balance sheet and the statements of changes in
shareholders equity and cash flows as well as the
notes to the financial statements prepared by the
Bayerische Motoren Werke Aktiengesellschaft for
the business year from 1 January to 31 December
2001. The preparation and the content of the con-
solidated financial statements in accordance with
International Accounting Standards (IAS) are the re-
sponsibility of the Companys management. Our
responsibility is to express an opinion on these con-
solidated financial statements based on our audit.
We conducted our audit of the consolidated
financial statements in accordance with German au-
diting regulations and German generally accepted
standards for the audit of financial statements
promulgated by the Institut der Wirtschaftsprüfer
(IDW). Those standards require that we plan and
perform the audit such that it can be assessed with
reasonable assurance whether the consolidated
financial statements are free of material misstate-
ments. Knowledge of the business activities and the
economic and legal environment of the Group and
evaluations of possible misstatements are taken into
account in the determination of audit procedures.
The evidence supporting the amounts and disclo-
sures in the consolidated financial statements are
examined on a test basis within the framework of the
audit. The audit includes assessing the accounting
principles used and significant estimates made
by management, as well as evaluating the overall
presentation of the consolidated financial state-
ments. We believe that our audit provides a reason-
able basis for our opinion.
In our opinion, the consolidated financial state-
ments give a true and fair view of the net assets,
financial position, results of operations and cash
flows of the Group for the business year in accor-
dance with International Accounting Standards.
Our audit, which also extends to the group
management report prepared by the Companys
management for the business year from 1 January
to 31 December 2001, has not led to any reserva-
tions. In our opinion on the whole the group man-
agement report provides a suitable understanding of
the Groups position and suitably presents the risks
of future development. In addition, we confirm that
the consolidated financial statements and the group
management report for the business year from
1 January to 31 December 2001 satisfy the condi-
tions required for the companys exemption from its
duty to prepare consolidated financial statements
and the group management report in accordance
with German law.
Munich,1 March 2002
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Berger Höfer
Wirtschaftsprüfer Wirtschaftsprüfer
BMW Group
Notes to the Group Financial Statements
Independent Auditors Report