171
Introduction
Group review and markets
Business lines
Governance
Sustainability Statement
Financial Statements
NKT A/S
Annual Report 2024
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Statement on
Statements and has been prepared
in accordance with the requirements
of the Danish Financial Statements
Act, except for the requirements in
paragraph 99 a related to the sus-
tainability statement, cf. above. We
did not identify any material misstate-
ment in Management’s Review.
accounting unless Management either
intends to liquidate the Group or the
Parent Company or to cease opera-
tions, or has no realistic alternative but
to do so.
Identify and assess the risks of
material misstatement of the Finan-
cial Statements, whether due to
fraud or error, design and perform
audit procedures responsive to
those risks, and obtain audit evi-
dence that is sufficient and appro-
priate 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.
tainty exists related to events or
conditions that may cast significant
doubt on the Group’s and the Par-
ent 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 State-
ments 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. How-
ever, future events or conditions
may cause the Group or the Parent
Company to cease to continue as a
going concern.
supervision and review of the audit
Management’s Review
Management is responsible
for Management’s Review.
work performed for purposes of
the group audit. We remain solely
responsible for our audit opinion.
Our opinion on the Financial State-
ments does not cover Manage-
ment’s Review, and we do not as
part of the audit express any form
of assurance conclusion thereon.
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.
Auditor’s responsibilities for the
audit of the Financial Statements
Our objectives are to obtain reason-
able 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. Mis-
statements can arise from fraud or
error and are considered material if,
individually or in the aggregate, they
could reasonably be expected to influ-
ence the economic decisions of users
taken on the basis of these Financial
Statements.
Management’s responsibilities
for the Financial Statements
Management is responsible for the
preparation of consolidated finan-
cial statements that give a true and
fair view in accordance with IFRS
Accounting Standards as adopted
by the EU and further requirements
in the Danish Financial Statements
Act and for the preparation of parent
company 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 financial
statements that are free from material
misstatement, whether due to fraud
or error.
In connection with our audit of the
Financial Statements, our respon-
sibility is to read Management’s
Review and, in doing so, consider
whether Management’s Review is
materially inconsistent with the Finan-
cial Statements or our knowledge
obtained in the audit, or otherwise
appears to be materially misstated.
We also provide those charged with
governance with a statement that we
have complied with relevant ethical
requirements regarding independ-
ence, 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.
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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 express-
ing an opinion on the effectiveness
of the Group’s and the Parent Com-
pany’s internal control.
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Evaluate the overall presenta-
tion, 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.
Moreover, we considered whether
Management’s Review includes
the disclosures required by the
Danish Financial Statements Act.
This does not include the require-
ments in paragraph 99 a related
to the sustainability statement
covered by the separate auditor’s
limited assurance report hereon.
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 the key audit
matters. We describe these matters
in our auditor’s report unless law or
regulation precludes public disclosure
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Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting
estimates and related disclosures
made by Management.
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Plan and perform the group audit to
obtain sufficient appropriate audit
evidence regarding the financial
information of the entities or busi-
ness units within the group as a
basis for forming an opinion on the
Consolidated Financial Statements.
We are responsible for the direction,
In preparing the Financial Statements,
Management is responsible for
As part of an audit in accordance with
ISAs and the additional requirements
applicable in Denmark, we exercise
professional judgement and maintain
professional scepticism throughout
the audit. We also:
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Based on the work we have per-
formed, in our view, Management’s
Review is in accordance with the
Consolidated Financial Statements
and the Parent Company Financial
assessing the Group’s and the Parent
Company’s ability to continue as a
going concern, disclosing, as applica-
ble, matters related to going concern
and using the going concern basis of
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 uncer-
about the matter.
