EXAMPLE PAGE - ANNUAL REPORT - THE SWEDISH CLUB - Flipbook - Sida 79
AUDITOR'S REPORT
Report on the audit of the financial
statements
Our opinion
Basis for opinion
We have audited the financial statements of The Swedish Club
(the Company), which comprise the income statement for the
year ended December 31, 2021, the balance sheet as at
December 31, 2021, the statement of changes in equity for the
year then ended and notes to the financial statements, including
a summary of significant accounting policies.
We conducted our audit in accordance with International
Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s responsibilities
for the audit of the financial statements section of our report.
In our opinion, the accompanying financial statements of The
Swedish Club for the year ended December 31, 2021 are
prepared, in all material respects, in accordance with the
accounting policies described in the note 1 of these financial
statements.
We are independent of the Company in accordance with the
professional ethical requirements that are relevant to our audit
of the financial statements in Sweden and we have fulfilled our
other ethical responsibilities in accordance with these
professional ethical requirements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Valuation of provisions for claims outstanding
Provisions for claims outstanding constitute a significant
balance sheet item based on calculations and estimates of
future outcomes of the cost of claims. Factors taken into
account in the assessment include time of settlement and
patterns of claims.
Our audit has included, but not exclusively, consisted of:
•
Assessment of design and testing of the effectiveness of
controls in the processes for calculating the provision for
claims outstanding.
The company uses established actuarial methods for
calculating provisions for claims outstanding. The
company's provisions consist of a number of different
products where the characteristics of the products affect the
calculation models.
•
Our audit has also included assessments of used
actuarial methods and models. We have also challenged
and assessed the management's assumptions.
•
In addition, we have conducted our own calculations to
ensure that the provision for claims outstanding are
reasonable. PwC's own actuaries assisted the audit.
For further description, see the Annual Report note 1, 2 and 18.
THE SWEDISH CLUB ANNUAL REPORT 2021
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