BMW 2002 Annual Report Download - page 106
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105
We have audited the consolidated financial state-
ments, comprising the income statement, the
balance sheet and the statements of changes in
shareholders equity and cash flows as well as the
notes to the financial statements prepared by the
Bayerische Motoren Werke Aktiengesellschaft,
Munich, for the business year from 1 January to
31 December 2002. The preparation and the con-
tent of the consolidated financial statements in
accordance with International Financial Reporting
Standards (IFRS) are the responsibility of the Com-
panys management. Our responsibility is to express
an opinion on these consolidated financial state-
ments
based on our audit.
We conducted our audit of the consolidated
financial statements in accordance with German
auditing regulations and German generally accepted
standards for the audit of financial statements pro-
mulgated by the Institut der Wirtschaftsprüfer (IDW).
Those standards require that we plan and perform
the audit such that it can be assessed with reason-
able assurance whether the consolidated financial
statements are free of material misstatements.
Knowledge of the business activities and the eco-
nomic and legal environment of the Group and
evaluations of possible misstatements are taken into
account in the determination of audit procedures.
The evidence supporting the amounts and disclo-
sures in the consolidated financial statements are
examined on a test basis within the framework of the
audit. The audit includes assessing the accounting
principles used and significant estimates made by
management, as well as evaluating the overall pres-
entation of the consolidated financial statements.
We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the consolidated financial state-
ments give a true and fair view of the net assets,
financial position, results of operations and cash flows
of the Group for the business year in accordance with
International Financial Reporting Standards.
Our audit, which also extends to the group
management report prepared by the Companys
management for the business year from 1 January
to 31 December 2002, has not led to any reserva-
tions.
In our opinion on the whole the group manage-
ment
report provides a suitable understanding of the
Groups position and suitably presents the risks of
future development. In addition, we confirm that
the consolidated financial statements and the group
management report for the business year from
1 January to 31 December 2002 satisfy the condi-
tions required for the Companys exemption from
its duty to prepare consolidated financial statements
and the group management report in accordance
with German law.
Munich, 28 February 2003
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Berger Höfer
Wirtschaftsprüfer Wirtschaftsprüfer
BMW Group
Notes to the Group Financial Statements
Auditors Report