BMW 2003 Annual Report Download - page 118

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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, Munich, for the
business year from 1 January to 31 December 2003.
The preparation and the content of the consolidated
financial statements in accordance with Interna-
tional Financial Reporting Standards (IFRS) are the
responsibility 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 prom-
ulgated 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
state-
ments are free of material misstatements. 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 evi-
dence supporting the amounts and disclosures in
the consolidated financial statements are examined
on a test basis within the framework of the audit.
The audit includes assessing the accounting prin-
ciples 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 ac-
cordance with International Financial Reporting
Standards.
Our audit, which also extends to the group man-
agement report prepared by the Company’s man-
agement for the business year from 1 January to
31 December 2003, has not led to any reservations.
In our opinion on the whole the group management
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 2003 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, 27 February 2004
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Berger Höfer
Wirtschaftsprüfer Wirtschaftsprüfer
BMW Group
Auditors’ Report