109
NKT AS Annual Report 2023
07 Statements
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Statement on Management’s Review
Management is responsible for Management’s Review.
Danish Financial Statements Act, and for such internal
control as Management determines is necessary to
enable the preparation of financial statements that are
free from material misstatement, whether due to fraud
or error.
Identify and assess the risks of material misstate-
ment of the 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 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 collu-
sion, forgery, intentional omissions, misrepresenta-
tions, or the override of internal control.
However, future events or conditions may cause the
Group or the Parent Company to cease to continue
as a going concern.
Our opinion on the Financial Statements does not
cover Management’s Review, and we do not express
any form of assurance conclusion thereon.
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Evaluate the overall presentation, structure and
content of the Financial Statements, including the
disclosures, and whether the Financial Statements
represent the underlying transactions and events in
a manner that gives a true and fair view.
In preparing the Financial Statements, Management
is responsible for assessing the Group’s and the
Parent Company’s ability to continue as a going
concern, disclosing, as applicable, matters related
to going concern and using the going concern basis
of accounting unless Management either intends to
liquidate the Group or the Parent Company or to cease
operations, or has no realistic alternative but to do so.
In connection with our audit of the Financial State-
ments, our responsibility is to read Management’s
Review and, in doing so, consider whether Manage-
ment’s Review is materially inconsistent with the
Financial Statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.
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Obtain sufficient appropriate audit evidence
regarding the financial information 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.
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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 effec-
tiveness of the Group’s and the Parent Company’s
internal control.
Moreover, we considered whether Management’s
Review includes the disclosures required by the
Danish Financial Statements Act and Article 8 of Regu-
lation (EU) 2020/852 (EU Taxonomy Regulation).
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
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 Finan-
cial Statements.
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Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting esti-
mates and related disclosures made by Manage-
ment.
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.
Based on the work we have performed, in our view,
Management’s Review is in accordance with the
Consolidated Financial Statements and the Parent
Company Financial Statements and has been
prepared in accordance with the requirements of the
Danish Financial Statements Act and the disclosure
requirements of Article 8 of Regulation (EU) 2020/852
(EU Taxonomy Regulation). We did not identify any
material misstatement in Management’s Review.
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Conclude on the appropriateness of Management’s
use of the going concern basis of accounting 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 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.
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.
Management’s responsibilities for the Financial
Statements
Management is responsible for the preparation of
consolidated financial statements and parent company
financial statements that give a true and fair view
in accordance with IFRS Accounting Standards as
adopted by the EU and further requirements in the
As part of an audit in accordance with ISAs and the
additional requirements applicable in Denmark, we
exercise professional judgement and maintain profes-
sional scepticism throughout the audit. We also:
From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the Financial
Statements of the current period and are therefore
