
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 International
Financial Reporting Standards as adopted by the EU and additional
requirements of 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 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 in preparing the financial statements unless Manage-
ment either intends to liquidate the Group or the Parent Company
or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial state-
ments
Our objectives are to obtain reasonable assurance as to whether
the financial statements as a whole are free from material misstate-
ment, 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
material 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.
As part of an audit conducted in accordance with ISAs and addi-
tional requirements applicable in Denmark, we exercise profes-
sional judgement and maintain professional scepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement 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 collusion, forgery, intentional omissions,
misrepresentations or the override of internal control.
• 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.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by Management.
• Conclude on the appropriateness of Management's use of the
going concern basis of accounting in preparing the 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 Compa-
ny'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 finan-
cial 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.
• Evaluate the overall presentation, structure and contents of the
financial statements, including the note disclosures, and whether
the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.
• 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.
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.
We also provide those charged with governance with a state-
ment that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all rela-
tionships and other matters that may reasonably be thought to
bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
From the matters communicated with those charged with govern-
ance, we determine those matters that were of most significance
in the audit of the consolidated financial statements and the parent
company financial statements of the current period and are there-
fore the key audit matters. We describe these matters in our audi-
tor'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 Zealand Pharma A/S,
we performed procedures to express an opinion on whether the
annual report of Zealand Pharma A/S for the financial year January
1 –December 31, 2022 with the file name 549300ITBB1UL-
BL4CZ12-2022-12-31-en.zip is prepared, in all material respects,
in compliance with the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (ESEF Regula-
tion) which includes requirements related to the preparation of the
annual report in XHTML format and iXBRL tagging of the Consoli-
dated Financial Statements including notes.
Management is responsible for preparing an annual report that
complies with the ESEF Regulation. This responsibility includes:
• The preparing of the annual report in XHTML format;
Zealand Pharma ∞ Annual Report 2022 114