Chrysler 2005 Annual Report Download - page 259

258 Auditors’ Report
Auditors’ Report on the Consolidated Financial
Statements Pursuant to Art. 156 of Legislative
Decree No. 58 of February 24, 1998
To the Stockholders of FIAT S.p.A.
We have audited the consolidated financial statements of Fiat S.p.A.
and its subsidiaries (the “Fiat Group”) as of and for the year ended
December 31, 2005, constituted by the consolidated balance sheet,
the consolidated statements of income, cash flows and changes in
stockholders’ equity and the related explanatory notes.These
consolidated financial statements are the responsibility of the
Company's Directors. Our responsibility is to express an opinion
on these consolidated financial statements based on our audit.These
consolidated financial statements represent Fiat S.p.A.’s first annual
consolidated financial statements prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union.
We conducted our audit in accordance with the Auditing Standards
recommended by CONSOB, the Italian Regulatory Commission for
Companies and the Stock Exchange.Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by the Directors, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.The audit of the financial
statements of subsidiaries in the Components Sector, which
statements reflect total assets representing 3% of consolidated total
assets and revenues representing 6% of consolidated revenues, is the
responsibility of other auditors.
The consolidated financial statements present for comparative
purposes the corresponding data for the year 2004 prepared in
accordance with IFRS. In addition, the Appendix 1 to the consolidated
financial statements explains the effects of transition to IFRS as
adopted by the European Union and includes the reconciliation
statements required by IFRS 1, previously published as an attachment
to the Fiat Group’s Quarterly Report for the 1st Quarter 2005,
which we have audited and on which we issued a special purpose
auditors’ report dated May 19, 2005.
In our opinion, the consolidated financial statements referred to
above present fairly the consolidated financial position of the Fiat
Group as of December 31, 2005, and the results of its operations
and its cash flows for the year then ended in accordance with IFRS
as adopted by the European Union.
Turin, Italy
March 2, 2006
DELOITTE & TOUCHE S.p.A.
Piergiovanni Pasquarelli
Partner
This report has been translated into the English language solely
for the convenience of international readers.