annual report 2020 - Flipbook - Side 24
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2020
Statement on the management’s review
Management
is
responsible
management's review.
for
the
Our opinion on the financial statements does not
cover the management's review, and we do not
express any form of conclusion conveying
assurance about the management's review.
In connection with our audit of the financial
statements, our responsibility is to read the
management's review and, in doing so, consider
whether the management's review is materially
inconsistent with the financial statements or our
knowledge obtained from our audit, or whether
it otherwise appears to contain material
misstatement.
Moreover, we are responsible for considering
whether the Management's report includes the
information required in accordance with the
Danish Financial Business Act.
Based on our audit, in our view, the
management’s review is consistent with the
financial statements and has been prepared in
accordance with the requirements of the Danish
Financial Business Act. We found no material
misstatement in the management’s review.
Management's responsibilities for the
financial statements
Management is responsible for the preparation
of financial statements that provide a fair
presentation which are in accordance with the
Danish Financial Business Act. Management is
also responsible for the internal control deemed
necessary by management in order to prepare
financial
statements
without
material
misstatement, whether due to fraud or error.
When preparing the financial statements,
management is responsible for assessing the
company's ability to continue as a going
concern; for disclosing, as applicable, matters
related to going concern, and for using the going
concern basis of accounting in preparing the
financial statements, unless management either
intends to liquidate the company, or to cease
operations, or has no realistic alternative but to
do so.
Auditor's responsibilities for the audit of
the financial statements
Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from material
misstatement, whether due to fraud or error, and
to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit
conducted in accordance with ISAs and the
additional requirements applicable in Denmark
will always detect a material misstatement when
it exists. Misstatements can arise from fraud or
error and are considered material if, individually
or in the aggregate, they could reasonably be
expected to influence the financial decisions of
users taken on the basis of these financial
statements.
INDEPENDENT AUDITORS’ REPORT
intentional omissions, misrepresentations or
neglect to perform internal controls.
deficiencies in internal control that we identify
during our audit.
•
Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness
of the company's internal controls.
•
Evaluate the appropriateness of accounting
policies used by the management, and the
reasonableness of accounting estimates and
related disclosures made by management.
We also submit a statement to senior
management expressing that we comply with all
ethical requirements regarding independence,
and we inform senior management about any
relationships or other matters that could
reasonably be expected to affect our
independence, and, where relevant, any
preventive measures taken.
•
As part of an audit conducted in accordance with
ISAs and the additional requirements applicable
in Denmark, we exercise professional
judgement and maintain professional skepticism
throughout the audit. We also:
•
Identify and assess the risks of material
misstatement in the financial statements,
whether due to fraud or error, design and
perform audit procedures in response to
those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a
material misstatement resulting from fraud is
higher than the risk of not detecting a
material misstatement resulting from error,
because fraud may involve collusion, forgery,
•
Conclude on the appropriateness of
management's use of the going-concern
basis of accounting in preparing the financial
statements, and whether, based on the audit
evidence obtained, a material uncertainty
exists in relation to events or conditions that
may cast significant doubt on the company's
ability to continue as a going concern. If we
conclude that a material uncertainty exists,
we are required to draw attention in our
auditors' report to the related disclosures in
the financial statements or, if such
disclosures are inadequate, to modify our
opinion. Our conclusions are based on the
audit evidence obtained up to the date of our
auditor's report. However, future events or
conditions may cause the company to cease
to continue as a going concern.
Evaluate the overall presentation, structure
and content of the financial statements,
including the disclosures in the notes, and
whether the financial statements represent
the underlying transactions and events in a
manner that gives a true and fair view.
We communicate with senior management
regarding, among other matters, the planned
scope and timing of the audit and significant
audit findings, including any significant
Based on the matters communicated to senior
Management, we decide which matters were
most significant in our audit of the financial
statements for the current period. These matters
constitute central matters in the audit. We
describe these matters in our auditors' report,
unless legislation or other regulations prevent
such matters from being disclosed to the public,
or unless, in very rare cases, we conclude that
the matter should not be communicated in our
auditors' report because the negative
consequences of this could reasonably be
expected to outweigh the benefits of disclosing
such matter to the public.
Hellerup, 2 March 2021
PricewaterhouseCoopers Statsautoriseret
Revisionspartnerselskab
CVR no. 33 77 12 31
Per Rolf Larssen
Stefan Vastrup
State-Authorised PublicState-Authorised Public
Accountant
Accountant
mne24822
mne32126
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