BMW 2004 Annual Report Download - page 108

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107
We have audited the consolidated financial
statements, 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
Bayerische Motoren Werke Aktiengesellschaft
for the business year from 1 January to 31 Decem-
ber 2004. The preparation and the content of the
consolidated financial statements in accordance
with International Financial Reporting Standards
(IFRS) are the responsibility of the Company’s man-
agement. Our responsibility is to express an opinion
on these consolidated financial statements based
on our audit.
We conducted our audit of the consolidated fi-
nancial 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 reason-
able assurance whether the consolidated financial
statements are free of material misstatements.
Knowledge of the business activities and the eco-
nomic and legal environment of the Group and eval-
uations of possible misstatements are taken into ac-
count in the determination of audit procedures. The
evidence 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 princi-
ples used and significant estimates made by man-
agement, as well as evaluating the overall presenta-
tion of the consolidated financial statements. We
believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the consolidated financial state-
ments give a true and fair view of the net assets, fi-
nancial position, results of operations and cash flows
of the Group for the business year in accordance
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 2004, 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 2004 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, 28 February 2005
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Dr. Hoyos Höfer
Wirtschaftsprüfer Wirtschaftsprüfer
BMW Group
Auditors’ Report