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Report of the Auditors
We have audited the consolidated financial statements of Bank Austria Creditanstalt AG Auditors’ report
for the financial year beginning on 1 January 2005 and ending on 31 December 2005.
The consolidated financial statements comprise the balance sheet at 31 December 2005,
the income statement, the statement of changes in shareholders’ equity, the cash flow
statement and the notes to the consolidated financial statements for the financial year
beginning on 1 January 2005 and ending on 31 December 2005. The preparation and
content of these consolidated financial statements in accordance with International
Financial Reporting Standards (IFRSs) published by the International Accounting Standards
Board as adopted by the European Union, and the preparation of the management report
of the Group in accordance with the provisions of the Austrian Commercial Code, are the
responsibility of the legal representatives of the parent company. Our responsibility is to
express an opinion on the consolidated financial statements based on our audit and to
state whether the management report of the Group is consistent with the consolidated
financial statements.
We conducted our audit in accordance with legal provisions applicable in Austria and
with Austrian generally accepted auditing principles and in accordance with International
Standards on Auditing (ISA) published by the International Auditing and Assurance Standards
Board (IAASB). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial statements are free
from material misstatement, and to make a statement as to whether the management
report of the Group is consistent with the consolidated financial statements. In planning
the audit procedures, we considered our knowledge of the business and of the economic
and legal environment in which the Group operates as well as expectations of possible
errors. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the consolidated financial statements. An audit also includes assessing
the accounting principles applied and significant estimates made by the legal representatives,
as well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
Without qualifying our opinion, we draw attention to note 1 to the consolidated financial
statements, in which the loss of Bank Austria Creditanstalt AG’s voting rights in Bank
BPH S.A. as a result of the acquisition of HVB Group by UniCredit S.p.A. is explained.
172 Report of the Auditors