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Independent Auditors’ Report English Translation of a Report Originally Issued in Korean
76
KIA MOTORS
Not ice to Readers _
This report is effective as of January 26, 2006, the auditors' report date. Certain subsequent events or circumstances may have occurred betw een the
auditors' report date and the time the auditors' report is read. Such events or circumstances could significantly affect the accompanying financial
statements and may result in modifications to the auditors’ report.
To the Shareholders and Board of Directors of
Kia Motors Corporation :
We have audited the accom panying non-consolidated balance sheets of Kia Motors Corporation as of December 31, 2005 and 2004, and the related non-consolidated
statem ents of incom e, appropriations of retained earnings and cash flow s for the years then ended, all expressed in Korean w on. These financial statem ents are the
responsibility of the Com pany's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statem ents are free of material misstatem ent. An audit includes exam ining, 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 estim ates m ade by
managem ent, as well as evaluating the overall financial statem ents presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all m aterial respects, the financial position of Kia Motors Corporation as of Decem ber 31, 2005
and 2004, and the results of its operations, changes in its retained earnings and its cash flow s for the years then ended in conformity with accounting principles generally
accepted in the Republic of Korea (See Note 2).
Our audits also com prehended the translation of Korean Won amounts into U.S. dollar am ounts and, in our opinion, such translation has been made in conform ity with
the basis in Note 2. Such U.S. dollar am ounts are presented solely for the convenience of readers outside of Korea.
Accounting principles and auditing standards and their application in practice vary among countries. The accom panying non-consolidated financial statem ents are not
intended to present the financial position, results of operations and cash flow s in accordance with accounting principles and practices generally accepted in countries
and jurisdictions other than the Republic of Korea. In addition, the procedures and practices utilized in the Republic of Korea to audit such financial statem ents m ay differ
from those generally accepted and applied in other countries. Accordingly, this report and the accom panying financial statem ents are intended for use by those
know ledgeable about Korean accounting procedures and auditing standards and their application in practice.
January 26, 2006