A4 für Copyshop GB.indd - Bayerische Landesbank

178 Report by the Board of Administration, accounts of BayernLB and the BayernLB Group and notes to the accounts
Independent Auditor’s Report
We have audited the annual financial statements, together with the bookkeeping sys-
tem, of Bayerische Landesbank (hereinafter called “Bank”), a corporation established
under public law, Munich, as well as the consolidated financial statements consisting
of the Balance Sheet, P / L statement, Statement of Changes in Shareholders’ Equity, Cash
Flow Statement, Segment Reporting and Notes to the Accounts and its report on the
position of the Bank and the Group prepared by the Bank for the financial year from
1 January to 31 December 2004. The preparation of these documents in accordance with
German commercial law and supplementary provisions in the Law on Bayerische Landes-
bank in the version officially published on 1 February 2003 and its Statutes is the respon-
sibility of the Bank’s management. Our responsibility is to express an opinion on the
annual financial statements, together with the bookkeeping system, as well as on the
consolidated financial statements and the report on the position of the Bank and the
Group based on our audit.
We conducted our audit of the annual and consolidated financial statements in accord-
ance with Section 317 HGB (German Commercial Code) and the German generally
accepted standards for the audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (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 annual and the consolidated financial state-
ments as well as the cash flows within the Group in accordance with the principles of
proper accounting and in the report on the position of the Bank and the Group are
detected with reasonable assurance. Knowledge of the business activities and the eco-
nomic and legal environment of the Bank and the Group and evaluations of possible
misstatements are taken into account in the determination of audit procedures. The
effectiveness of the internal control system relating to the accounting system and the
evidence supporting the disclosures in the books and records, the annual and consoli-
dated financial statements and the report on the position of the Bank and the Group
are examined primarily on a test basis in line with the framework of the audit. The audit
includes assessing the accounting and consolidation principles used and significant
estimates made by management, as well as evaluating the overall presentation of the
annual and the consolidated financial statements and the report on the position of the
Bank and the Group. We believe that our audit provides a reasonable basis for our
opinion.
Our audit has not led to any reservations.