If the file being tested by file_exists() is a file on a symbolically-linked directory structure, the results depend on the permissions of the directory tree node underneath the linked tree. PHP under a web server (i.e. apache) will respect permissions of the file system underneath the symbolic link, contrasting with PHP as a shell script which respects permissions of the directories that are linked (i.e. on top, and visible).
This results in files that appear to NOT exist on a symbolic link, even though they are very much in existance and indeed are readable by the web server.