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IND E P E N D E N T AU D ITOR ’S R E P O RT
INDEPENDENT AUDITOR’S REPORTS To the shareholders of Asetek A/S REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OUR OPINION In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2021 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated Financial Statements and Parent Company Financial Statements of Asetek A/S for the financial year 1 January to 31 December 2021 comprise statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including summary of significant accounting policies for the Group as well as for the Parent Company. Collectively referred to as the “Financial Statements”.
BASIS FOR OPINION
KEY AUDIT MATTERS
met as basis for capitalization. We assessed relevant
We conducted our audit in accordance with International
Key audit matters are those matters that, in our professional
internal controls and performed substantive audit pro-
Standards on Auditing (ISAs) and the additional require-
judgment, were of most significance in our audit of the Fi-
cedures to verify capitalized amounts.
ments applicable in Denmark. Our responsibilities under
nancial Statements for 2021. These matters were addressed
those standards and requirements are further described in
in the context of our audit of the Financial Statements as a
We evaluated and challenged Management’s assess-
the Auditor’s responsibilities for the audit of the Financial
whole, and in forming our opinion thereon, and we do not
ment of impairment indicators of completed develop-
Statements section of our report.
provide a separate opinion on these matters.
ment projects based on the commercial prospects of the
We believe that the audit evidence we have obtained is
Capitalization of development costs
lenged the key assumptions applied in the value-in-use
sufficient and appropriate to provide a basis for our opinion.
The Group capitalizes development costs when certain cri-
calculations. Our work was based on our understanding
teria according to IFRS are met. The criteria for recognition
of the business cases and key assumptions applied.
projects. For in-progress development projects, we chal-
Independence
and measurement of development costs is subject to Man-
We are independent of the Group in accordance with the
agement’s judgment and assumptions, which is uncertain
We challenged whether the intent to finalize the
International Ethics Standards Board for Accountants’
by nature. Completed development projects are assessed
projects remain and whether the projects are expected
International Code of Ethics for Professional Accountants
for impairment indications. For in-progress development
to generate future economic benefits exceeding the
(IESBA Code) and the additional ethical requirements ap-
projects impairment tests are performed at least annually.
carrying values.
plicable in Denmark. We have also fulfilled our other ethical
The impairment tests are based on the strategy plan
responsibilities in accordance with these requirements and
approved by Management and value-in-use calculations
STATEMENT ON MANAGEMENT’S REVIEW
the IESBA Code.
based on expected future cash flows.
Management is responsible for Management’s Review.
To the best of our knowledge and belief, prohibited non-au-
We focused on this area because the criteria for recognition
Our opinion on the Financial Statements does not cover
dit services referred to in Article 5(1) of Regulation (EU) No
and measurement of development projects are subject to
Management’s Review, and we do not express any form
537/2014 were not provided.
Management judgments and assumptions.
of assurance conclusion thereon.
Appointment
Refer to note 15 in the Consolidated Financial Statements.
In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and,
Following the admission of the shares of Asetek A/S for listing on Oslo Stock Exchange, we were first appointed
How our audit addressed the key audit matter
in doing so, consider whether Management’s Review is
auditors of Asetek A/S on 24 April 2014. We have been
We assessed whether the Group’s accounting policies are
materially inconsistent with the Financial Statements
reappointed annually by shareholder resolution for a total
in accordance with IFRS.
or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
period of uninterrupted engagement of 8 years including the financial year 2021.
We selected a sample of in-progress development projects and considered whether all criteria described in IFRS were
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