Porsche 2005 Annual Report Download - page 161

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159
Audit Opinion
“We have audited the consolidated financial statements prepared by Dr. Ing. h.c. F. Porsche Aktien-
gesellschaft, Stuttgart, comprising balance sheet, income statement, cash flow statement, statement of
changes in equity as well and to the consolidated financial statements, together with the combined
management report for the fiscal year from August 1, 2005 to July 31, 2006. The preparation of the con-
solidated financial statements and the Group management report in accordance with IFRSs as adopted
by the EU, and the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB
[“Handelsgesetzbuch”: German Commercial Code] is the responsibility of the Company’s management.
Our responsibility is to express an opinion on the consolidated financial statements and the Group manage-
ment report based on our audit.
We conducted our audit of the consolidated financial statements in accordance with Sec. 317 HGB and
German generally accepted standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer [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 statements in accordance with
the applicable financial reporting 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 possible misstatements are taken into account in the determination of
audit procedures. The effectiveness of the accounting-related internal control system and the evidence
supporting the disclosures in the consolidated financial statements and the Group management report are
examined primarily on a test basis within the framework of the audit. The audit includes assessing the
annual financial statements of the entities to be included in consolidation, the determination of the entities
to be included in consolidation, the accounting and consolidation principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial state-
ments and the 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
Sec. 315a (1) HGB and give a true and fair view of the net assets, financial position and results of opera-
tions of the Group in accordance with these requirements. 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 relating of future development.”
Stuttgart, October 13, 2006
Ernst & Young AG
Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
Oesterle Strähle
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]