Kia 2015 Annual Report Download - page 60

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The Board of Directors and Stockholders
Kia Motors Corporation:
We have audited the accompanying consolidated financial statements of Kia Motors Corporation and its subsidiaries (the “Company”),
which comprise the consolidated statements of financial position as at December 31, 2015 and 2014, the consolidated statements of
income and comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising a summary of
significant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Korean
International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation
of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in
accordance with Korean Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant
to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the
Company as of December 31, 2015 and 2014 and its consolidated financial performance and its consolidated cash flows for the years then
ended in accordance with Korean International Financial Reporting Standards.
Other Matter
The procedures and practices utilized in the Republic of Korea to audit such consolidated financial statements may differ from those
generally accepted and applied in other countries.
Seoul, Korea
February 29, 2016
This report is effective as of February 29, 2016, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and
the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the
audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.
BASED ON A REPORT ORIGINALLY ISSUED IN KOREAN
INDEPENDENT AUDITORS
’
REPORT
54 | KIA MOTORS