BMW 2012 Annual Report Download - page 151

151 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 for group and
statement of comprehensive income for group, the
balance sheet for group, cash flow statement for group,
group statement of changes in equity and the notes to
the group financial statements and its report on the
position of the Company and the Group for the business
year from 1 January to 31 December 2012. The prepara-
tion of the consolidated finan cial statements and Group
Management Report in accordance with IFRSs, as
adopted by the EU, and the additional requirements of
German commercial law pur suant
to § 315 a (1) HGB
(Handelsgesetzbuch “German Commercial Code”) 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 (Institute of Public Auditors in Germany) (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 state-
ments in accordance with the applicable financial report-
ing
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 possi-
ble misstatements are taken into account in the deter-
mination of audit procedures. The effectiveness of the
accounting-related internal control system and the
evi-
dence supporting the disclosures in the consolidated
financial statements and in the Group Management
Report are examined primarily on a test basis with in the
framework of the audit. The audit also includes assess-
ing the annual financial statements of those entities
included in consolidation, the determination of entities
to be included in consolidation, the accounting and
consolidation principles used and significant estimates
made by the management, as well as evaluating the
overall presentation of the con solidated 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
German commercial law pursuant to § 315 a (1) HGB and
give a true and fair view of the net assets, financial
position and results of operations of the Group in ac-
cordance with these requirements. The Group Manage-
ment Report is consistent with the consolidated
finan-
cial 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, 1 March 2013
KPMG AG
Wirtschaftsprüfungsgesellschaft
Prof. Dr. Schindler Huber-Straßer
Wirtschaftsprüfer Wirtschaftsprüferin