IPF årsrapport 2018 (eng) - Flipbook - Side 20
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18
Independent auditor’s report
TO THE CAPITAL OWNERS OF INDUSTRIENS PENSIONSFORSIKRING A/S
Opinion
In our opinion, the financial statements give a fair
presentation of the company's assets, liabilities and
financial position as at 31 December 2018 and of
the results of the company's activities for the
financial year 1 January to 31 December 2018, in
accordance with the Danish Financial Business
Act.
Our opinion is consistent with our long-form audit
report to the Audit Committee and the Board of
Directors.
What have we audited?
The financial statements of Industriens
Pensionforsikring A/S for the financial year 1
January to 31 December 2018 comprise the
income statement and comprehensive income
statement, balance sheet, statement of capital as
well as notes, including accounting policies
(hereinafter referred to as the "financial
statements").
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a
basis for our opinion.
Independence
We are independent of the company in accordance
with the International Code of Ethics for
Professional Accountants (IESBA Code of Ethics)
and further requirements applicable in Denmark.
We also comply with our other ethical obligations in
accordance with the IESBA Code of Ethics.
To the best of our knowledge, no prohibited nonaudit services within the meaning of Article 5(1) of
Regulation (EU) No. 537/2014 have been provided.
Election
We were elected as auditors of Industriens
Pensionsforsikring A/S for the first time on 26 April
2016 for the financial year 2016. We have been
re-elected annually by the General Meeting for total
engagement periods of three consecutive years up
to and including the financial year 2018.
Basis for our opinion
We conducted our audit in accordance with
International Standards on Auditing (ISAs) and
additional requirements applicable in Denmark. Our
responsibilities under these standards and
requirements are further described in the “Auditor’s
Responsibilities for the audit of the financial
statements” section.
Central matters related to the audit
Central matters related to the audit are the matters which, according to our professional judgment, were
most significant in our audit of the financial statements for 2018. These matters were dealt with as part of
our audit of the financial statements as a whole, and in the preparation of our opinion on them. We
express no separate opinion on these matters.
Central matters related to the audit
Measurement of unlisted investments
Unlisted investments primarily include investments through
capital funds in unlisted shares, properties, infrastructure and
other credit. These are disclosed in the balance sheet under
“Other financial investment assets” and “Investment assets
linked to market-interest-rate products” at a total of DKK 40,862
mill., corresponding to 24% of total investment assets.
How we have treated the central
matters related to the audit
We reviewed and assessed procedures
and tested relevant internal controls for
measuring unlisted investments.
We assessed and tested the valuation
models applied by the management.