Annual Report - Miba

112
Miba Aktiengesellschaft, Laakirchen
Auditor’s Report and Certification
We have audited Miba Aktiengesellschaft’s consolidated financial statements as of
January 31, 2005, prepared by the company in accordance with the International Financial
Reporting Standards (IFRS) adopted by the International Accounting Standards Board
(IASB). The preparation and contents of these consolidated financial statements are the
responsibility of the company’s Management Board. Our responsibility is to express an
opinion on the consolidated financial statements based on our audit. In some cases, the
year-end financial statements of subsidiaries included in the consolidated financial statements
were audited by other auditors. As far as the local statements of such subsidiaries
are concerned, our opinion is based solely on the opinion of such other auditors.
We conducted our audit in accordance with the International Standards on Auditing (ISA)
of the International Federation of Accountants (IFAC) and the professional principles and
practices of auditing valid in Austria. These standards require that we plan and perform the
audit so as to obtain reasonable assurance about whether the consolidated financial
statements are free of significant material misstatements. The audit includes random
sampling of the evidence supporting the amounts and disclosures in the consolidated
financial statements. The audit also includes an assessment of the accounting principles
used and significant estimates made by Company Management as well as an evaluation
of the overall financial statement presentation. We believe that our audit as well as the
reports from other auditors provide a sufficiently reasonable basis for our opinion.
Without resulting in any restrictions on our audit for the current fiscal year, we want to point
out that – as explained in Items C.1. and C.11. of the Group's Notes – customer relationships,
which do not fulfill all of the recognition criteria according to IAS 38, have been capitalized.
Due to the application of IFRS 3 ahead of time, in combination with IAS 36 and IAS 38 (in the
version valid in 2004), this restriction becomes obsolete from February 1, 2004 onwards.