Introduction
Our strategy and business
Sustainability
Corporate information
Financial review
Financial statements
Bavarian Nordic Annual Report 2022
139
Management's responsibilities
for the Financial Statements
Auditor's responsibilities for the
audit of the Financial Statements
to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting
from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the
override of internal control.
statements and the parent 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 condi-
tions may cause the Group and the Entity to cease
to continue as a going concern.
Management is responsible for the preparation
of consolidated financial statements that give a
true and fair view in accordance with International
Financial Reporting Standards as endorsed by the EU
and additional requirements of the Danish Financial
Statements Act as well as the preparation of parent
financial statements that give a true and fair view
in accordance with the Danish Financial Statements
Act, and for such internal control as Management
determines is necessary to enable the preparation
of consolidated financial statements and parent
financial statements that are free from material
misstatement, whether due to fraud or error.
Our objectives are to obtain reasonable assurance
about whether the consolidated financial statements
and the parent 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 economic decisions of users taken on
the basis of these consolidated financial statements
and these parent financial statements.
• Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the circum-
stances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s and
the Parent’s internal control.
• 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.
• Evaluate the appropriateness of accounting poli-
cies used and the reasonableness of accounting
estimates and related disclosures made by
Management.
• Obtain sufficient appropriate audit evidence
regarding the financial information of the enti-
ties or business activities within the Group to
express an opinion on the consolidated financial
statements. We are responsible for the direc-
tion, supervision and performance of the group
audit. We remain solely responsible for our audit
opinion.
In preparing the consolidated financial statements
and the parent financial statements, Management
is responsible for assessing the Group’s and the
Parent’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 consolidated financial
statements and the parent financial statements
unless Management either intends to liquidate the
Group or the Entity or to cease operations, or has no
realistic alternative but to do so.
As part of an audit conducted in accordance with
ISAs and the additional requirements applicable in
Denmark, we exercise professional judgement and
maintain professional scepticism throughout the
audit. We also:
• Conclude on the appropriateness of Manage-
ment’s use of the going concern basis of
accounting in preparing the consolidated financial
statements and the parent financial statements,
and, based on the audit evidence obtained,
whether a material uncertainty exists related to
events or conditions that may cast significant
doubt on the Group's and the Parent’s ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required
to draw attention in our auditor’s report to the
related disclosures in the consolidated financial
We communicate with those charged with govern-
ance regarding, among other matters, the planned
scope and timing of the audit and significant audit
findings, including any significant deficiencies in
internal control that we identify during our audit.
• Identify and assess the risks of material misstate-
ment of the consolidated financial statements
and the parent financial statements, whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate
