BMW 2008 Annual Report Download - page 132

133 Group Financial Statements
BMW Group
Auditors’ Report
We have audited the consolidated financial statements
prepared by Bayerische Motoren Werke Aktien gesell-
schaft, comprising the income statement, the balance
sheet, statements of changes in equity, cash flow state-
ment and the notes to the consolidated financial state-
ments and its report on the position of the Company
and the Group for the business year from  January to
 December . The preparation of the consolidated
finan cial statements and Group Management Report in
accordance with IFRS, as adopted by the EU, and the
additional requirements of German commercial law
pur suant to  a  HGB are the responsibility of the
parent company’s management. Our responsibility is to
express an opinion on the consolidated financial state-
ments and on the Group Management Report based
on our audit.
We conducted our audit of the consolidated financial
statements in accordance with   HGB and German
generally accepted standards for the audit of financial
statements promulgated by the Institut der Wirtschafts-
prüfer (IDW). Those standards require that we plan and
perform the audit such that material misstatements
materially affecting the presentation of the net assets,
financial position and results of operations in the con-
solidated financial statements in accordance with the ap-
plicable financial reporting framework and in the Group
Management Report are detected with reasonable assur-
ance. Knowledge of the business activities and the eco-
nomic and legal environment of the Group and expecta-
tions as to possible misstatements are taken into account
in the determination of audit procedures. The effective-
ness of the accounting-related internal control system
and the evidence supporting the disclosures in the con-
solidated financial statements and in the Group Manage-
ment Report are examined primarily on a test basis within
the framework of the audit. The audit also includes as-
sessing 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 presen-
tation of the consolidated financial statements and Group
Management Report. We believe 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 con-
solidated
financial statements comply with IFRSs, as
adopted by the EU, the additional requirements of German
commercial law pursuant to  a  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 po-
sition and suitably presents the opportunities and risks of
future development.
Munich,  February 
KPMG AG
Wirtschaftsprüfungsgesellschaft
(formerly KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft)
Dr. Schindler Pastor
Wirtschaftsprüfer Wirtschaftsprüfer