BMW 2005 Annual Report Download - page 126

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We have audited the consolidated financial
state-
ments – comprising income statement, balance sheet,
statement of changes in equity, cash flow statement
and the notes to the consolidated financial state-
ments as well as the Management Report on the
position of the Company and Group – prepared by
Bayerische Motoren Werke Aktiengesellschaft, for
the business year from 1 January to 31 December
2005. The preparation of the consolidated financial
statements and Group management report in
accordance with International Financial Reporting
Standards (IFRS), as adopted by the EU, and the
additional requirements of German Commercial Law
pursuant to §315a Abs.1 HGB, are the responsi-
bility of the parent Company’s Management. Our
responsibility is to express an opinion on the con-
solidated financial statements and the group manage-
ment report, based on our audit.
We conducted our audit of the consolidated
financial statements in accordance with §317 HGB
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
misstatements materially affecting the presentation
of the net assets, financial position and results of
operations in the consolidated financial statements
in accordance with the applicable financial reporting
framework and in the group management report are
detected with reasonable assurance. Knowledge of
the business activities and the economic and legal
environment of the Group and expectations as to
possible misstatements are taken into account in
the
determination of audit procedures. The evidence
supporting the disclosures in the consolidated
financial statements and the group management
report is examined primarily on a test basis within
the framework of the audit. The audit includes as-
sessing the annual financial statements of those
entities included in consolidation, the determination
of entities to be included in consolidation, the ac-
counting and consolidation principles used, the sig-
nificant estimates made by management, as well
as evaluating the overall presentation of the consoli-
dated financial statements and group management
report. We believe that our audit provides a reason-
able basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our
audit, the consolidated financial statements comply
with IFRS, as adopted by the EU, the additional re-
quirements of German Commercial Law pursuant
to §315a Abs.1 HGB and give a true and fair view
of the net assets, financial position and results of
operations of the Group in accordance with these
requirements. The group management report is
consistent with the consolidated financial state-
ments and as a whole provides a suitable view of the
Group’s position and suitably presents the opportu-
nities and risks of future development.
Munich, 24 February 2006
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Dr. Hoyos Höfer
Wirtschaftsprüfer Wirtschaftsprüfer
BMW Group
Auditors’ Report