BMW 2007 Annual Report Download - page 138

136
137 Corporate Governance
137
Members of the Supervisory Board
140
Members of the Board of Management
141 Corporate Governance at BMW Group
142 Compensation Report
146 Shareholdings of Members of
the Board
of Management and
Supervisory Board
147 Declaration of the Board of
Management
and of the Supervisory
Board pursuant to §161 AktG
BMW Group
Auditors’ Report
We have audited the consolidated financial state-
ments prepared by Bayerische Motoren Werke
Aktiengesellschaft, comprising the income state-
ment, the balance sheet, statements of changes in
equity, cash flow statement and the notes to the
consolidated financial statements and its report on
the position of the Company and the Group for the
business year from 1 January to 31 December 2007.
The preparation of the consolidated financial state-
ments and Group management report in accordance
with IFRS, as adopted by the EU, and the additional
requirements of German commercial law pursuant
to § 315a (1) HGB are the responsibility of the parent
company’s management. Our responsibility is to
express an opinion on the consolidated financial
statements and on the Group management 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 material misstatements materially affecting the
pre sentation of the net assets, financial position and
results of operations in the consolidated financial
statements in accordance with the applicable finan-
cial reporting framework and in the Group manage-
ment report are detected with reasonable assurance.
Knowledge of the business activities and the eco-
nomic and legal environment of the Group and ex-
pectations as to possible misstatements are taken
into account in the determination of audit proce-
dures. The effectiveness of the accounting-related
internal control system and the evidence supporting
the disclosures in the consolidated financial state-
ments and in the Group management report are ex-
amined primarily on a test basis within the framework
of the audit. The audit also includes assessing the
annual financial statements of those entities included
in consolidation, the determination of entities to be
included in consolidation, the accounting and con-
solidation principles used and significant estimates
made by management, as well as evaluating the
overall presentation of the consolidated financial
statements and Group management report. We be-
lieve that our audit provides a reasonable 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
IFRSs, as adopted by the EU, the additional require-
ments of German commercial law pursuant to § 315a
(1) HGB and give a true and fair view of the net assets,
financial position and results of operations of the
Group. The Group management report is consistent
with the consolidated financial statements and as
a whole provides a suitable view of the Group’s posi-
tion and suitably presents the opportunities and risks
of future development.
Munich, 3 March 2008
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Dr. Schindler Pastor
Wirtschaftsprüfer Wirtschaftsprüfer