In brief
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Financial statements
NORDEN Annual Report 2023
89
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance as to 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 additional requirements
applicable in Denmark will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered mate-
rial if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the financial
statements.
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 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 auditor's 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
Group and the Parent Company to cease to continue as a going concern.
statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law or regulation
precludes public disclosure about the matter.
Report on compliance with the ESEF Regulation
As part of our audit of the Consolidated Financial Statements and Parent
Company Financial Statements of Dampskibsselskabet NORDEN A/S, we
performed procedures to express an opinion on whether the annual report
of Dampskibsselskabet NORDEN A/S for the financial year 1 January – 31
December 2023 with the file name "norden-2023-12-31-en.zip" is prepared, in
all material respects, in compliance with the Commission Delegated Regu-
lation (EU) 2019/815 on the European Single Electronic Format (ESEF Regu-
lation) which includes requirements related to the preparation of the annual
report in XHTML format and iXBRL tagging of the Consolidated Financial
Statements including notes.
•
•
Evaluate the overall presentation, structure and contents of the financial
statements, including the note disclosures, and whether the financial state-
ments represent the underlying transactions and events in a manner that
gives a true and fair view.
As part of an audit conducted in accordance with ISAs and additional require-
ments applicable in Denmark, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
Obtain sufficient appropriate audit evidence regarding the financial infor-
mation of the entities or business activities within the Group to express an
opinion on the consolidated financial statements. We are responsible for
the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
•
Identify and assess the risks of material misstatement of the financial state-
ments, whether due to fraud or error, design and perform audit procedures
responsive 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 for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations or the override of internal control.
Management is responsible for preparing an annual report that complies with
the ESEF Regulation. This responsibility includes:
We communicate with those charged with governance 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.
•
•
The preparing of the annual report in XHTML format;
The selection and application of appropriate iXBRL tags, including exten-
sions to the ESEF taxonomy and the anchoring thereof to elements in the
taxonomy, for all financial information required to be tagged using judge-
ment where necessary;
•
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 Group's
and the Parent Company's internal control.
We also provide those charged with governance with a statement that we
have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied.
•
•
Ensuring consistency between iXBRL tagged data and the Consolidated
Financial Statements presented in human readable format; and
•
•
Evaluate the appropriateness of accounting policies used and the reasona-
bleness of accounting estimates and related disclosures made by Manage-
ment.
For such internal control as Management determines necessary to enable
the preparation of an annual report that is compliant with the ESEF Regula-
tion.
From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of
the consolidated financial statements and the parent company financial
Conclude on the appropriateness of Management's use of the going
concern basis of accounting in preparing the financial statements and,