IPF årsrapport 2018 (eng) - Flipbook - Side 22
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Central matters related to the audit
How we have treated the central
matters related to the audit
See the sections in the financial statements on "Accounting
estimates" in note 1, as well as “Provisions for insurance and
investment contracts" in notes 15 and 16.
Statement on the management’s review
Management is responsible for the management’s
review.
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
Our opinion on the financial statements does not
are free from material misstatement, whether due
cover the management’s review, and we do not
to fraud or error, and to issue an auditor’s report
express any form of conclusion conveying assurance that includes our opinion. Reasonable assurance
about the management's review.
is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs
In connection with our audit of the financial
and the additional requirements applicable in
statements, our responsibility is to read the
Denmark will always detect a material
management’s review and, in doing so, consider
misstatement when it exists. Misstatements can
whether the management’s review is materially
arise from fraud or error and are considered
inconsistent with the financial statements or our
material if, individually or in the aggregate, they
knowledge obtained from our audit, or whether it
could reasonably be expected to influence the
otherwise appears to contain material misstatement. financial decisions of users taken on the basis of
these financial statements.
Moreover, we are responsible for considering
whether the management's review includes the
As part of an audit conducted in accordance with
information required in accordance with the Danish
ISAs and the additional requirements applicable in
Financial Business Act.
Denmark, we exercise professional judgement and
maintain professional scepticism throughout the
Based on our audit, in our view, the management’s
audit. We also:
review is consistent with the financial statements and
has been prepared in accordance with the
• Identify and assess the risks of material
requirements of the Danish Financial Business Act.
misstatement in the financial statements,
We found no material misstatement in the
whether due to fraud or error, design and
management’s review.
perform audit procedures in response to
those risks, and obtain audit evidence that
Management’s responsibilities for the financial
is sufficient and appropriate to provide a
statements
basis for our opinion. The risk of not
Management is responsible for the preparation of
detecting a material misstatement resulting
financial statements that provide a fair presentation
from fraud is higher than the risk of not
which are in accordance with the Danish Financial
detecting a material misstatement resulting
Business Act. Management is also responsible for
from error, because fraud may involve
the internal control deemed necessary by
collusion, forgery, intentional omissions,
management in order to prepare financial statements
misrepresentations or neglect to perform
without material misstatement, whether due to fraud
internal controls.
or error.
• Obtain an understanding of internal control
When preparing the financial statements,
relevant to the audit in order to design audit
management is responsible for assessing the
procedures that are appropriate in the
company’s ability to continue as a going concern; for
circumstances, but not for the purpose of
disclosing, as applicable, matters related to going
expressing an opinion on the effectiveness
concern, and for using the going concern basis of
of the company’s internal controls.
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.