BMW 2010 Annual Report Download - page 141

139 GROUP FINANCIAL STATEMENTS
BMW Group
Auditor’s Report
We have audited the consolidated financial statements
prepared by Bayerische Motoren Werke Aktiengesell-
schaft, comprising the income statement and statement
of comprehensive income, the balance sheet, cash flow
statement, statements of changes in equity 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 2010. 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 pursuant to § 315 a (1) HGB are
the responsibility of the parent company’s management.
Our responsibility is to express an opinion on the con-
solidated financial statements and on 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
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 consol-
idated financial statements in accordance with the appli-
cable 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 with in
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 the Board of Management, as well as evaluating the
overall presentation of the consolidated finan cial state-
ments 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
consolidated financial statements comply with IFRSs, as
adopted by the EU, the additional requirements of Ger-
man commercial law pursuant to § 315 a (1) HGB and
give a true and fair view of the net assets, financial posi-
tion 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 position and suitably presents the
opportunities and risks of future development.
Munich, 25 February 2011
KPMG AG
Wirtschaftsprüfungsgesellschaft
Prof. Dr. Schindler Pastor
Wirtschaftsprüfer Wirtschaftsprüfer