Porsche 2004 Annual Report Download - page 157

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153
Audit Opinion
We have audited the consolidated financial statements, comprising the balance
sheet, the income statement and the statements of changes in shareholders’ equity
and cash flows as well as the notes to the financial statements, prepared by
Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Stuttgart, for the fiscal year from
August 1, 2004 to July 31, 2005. The preparation and the content of the consoli-
dated financial statements are the responsibility of the Company's executive board.
Our responsibility is to express an opinion on whether the consolidated financial
statements are in accordance with International Financial Reporting Standards (IFRS)
based on our audit.
We conducted our audit of the consolidated financial statements in accordance with
German auditing requirements and German generally accepted standards for the
audit of financial statements promulgated by the Institut der Wirtschaftsprüfer [in
Deutschland] (IDW). Those standards require that we plan and perform the audit such
that it can be assessed with reasonable assurance whether the consolidated financial
statements are free of material misstatements. Knowledge of the business activities
and the economic and legal environment of the Group and evaluations of 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 are examined
primarily on a test basis within the framework of the audit. The audit includes as-
sessing the accounting principles used and significant estimates made by manage-
ment, as well as evaluating the overall presentation of the consolidated financial
statements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the
net assets, financial position, results of operations and cash flows of the Group for
the fiscal year in accordance with IFRS.
Our audit, which also extends to the combined management report prepared by the
executive board for the fiscal year from August 1, 2004 to July 31, 2005, has not
led to any reservations. In our opinion, on the whole the combined management
report provides a suitable understanding of the Group’s position and suitably pre-
sents the risks to future development. In addition, we confirm that the consolidated
financial statements and the combined management report for the fiscal year from
August 1, 2004 to July 31, 2005 satisfy the conditions for the Company’s exemption
from its obligation to prepare consolidated financial statements and the group
management report in accordance with German law.
Stuttgart, October 27, 2005
Ernst & Young AG
Wirtschaftsprüfungsgesellschaft
Oesterle Strähle
Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)