Annual Report 2010 - Muenchener Hypothekenbank eG

münchener hypothekenbank eg | annUaL report 2010 notes 86 | 87 our audit has not led to any reservations. in our opinion, and based on the information gained from the examination, the annual financial statements give a true and fair view of the net assets, financial position and results of op- erations of the cooperative in accordance with german legal requirements as well as the supplementary provisions contained in the articles of incorporation, and principles of proper ac- counting. The management report is in agreement with the annual statement of accounts and on the whole provides an accurate understanding of the cooperative’s position and suit- ably presents the opportunities and risks of future development. Berlin, 16 March 2011 dgRv - dEuTSChER gENoSSENSChAfTS- uNd RAiffEiSENvERBANd e.v. dr. ott Lenkawa Auditor Auditor We have audited the annual financial statements – comprising the balance sheet, the income statement, as well as the notes, the cash flow statement and the statement of development in equity capital – including the bookkeeping system, and the management report of Münchener hypothekenbank eg for the business year from 1 January to 31 december 2010. The main- tenance of the books and records and the preparation of the annual financial statements, and the management report were prepared in accordance with german commercial law and sup- plementary provisions in the articles of incorporation and are the responsibility of the cooperative’s legal representatives. We conducted our audit of the annual financial statements in accordance with § 53 (2) of the Cooperatives Act and § 340k and § 317 of the german Commercial Code and the generally accepted german standards for the audit of financial state- ments promulgated by the institut der Wirtschaftsprüfer in deutschland (idW). Those standards require that we plan and perform the audit so that misstatements and violations which materially affect the presentation of the net assets, the finan- cial position and results of operations as presented in the an- nual financial statements and in the management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the co- operative and evaluations of possible misstatements are taken into account in the determination of audit procedures. The ef- fectiveness of the accounting-related internal control system and evidence supporting the disclosures in the books and records, the annual financial statements and the management report are examined primarily on the basis of random samples within the framework of the audit. The audit includes an as- sessment of the accounting principles used and significant es- timates made by the company’s Board of Management, as well as evaluating the overall presentation of the annual financial statements and management report. We believe that our audit provides a sufficiently safe basis for our opinion. auDitors’ report