Annual Report 2020
Financial Statements Corporate Governance Management’s Review Columbus
Statement on the management
commentary
Management is responsible for the man-
agement commentary.
Our opinion on the consolidated financial
statements and the parent financial state-
ments does not cover the management
commentary, and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the consoli-
dated financial statements and the parent
financial statements, our responsibility is
to read the management commentary and,
in doing so, consider whether the manage-
ment commentary is materially incon-
sistent with the consolidated financial
statements and the parent financial state-
ments or our knowledge obtained in the
audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to con-
sider whether the management commen-
tary provides the information required un-
der the Danish Financial Statements Act.
Based on the work we have performed, we
conclude that the management commen-
tary is in accordance with the consolidated
financial statements and the parent finan-
cial statements and has been prepared in
accordance with the requirements of the
Danish Financial Statements Act. We did
not identify any material misstatement of
the management commentary.
Management's responsibilities for the
consolidated financial statements and
the parent financial statements
Management is responsible for the
preparation of consolidated financial
statements and parent 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 consolidated financial
statements and parent financial
statements that are free from material
misstatement, whether due to fraud or
error.
In preparing the consolidated financial
statements and the parent financial state-
ments, Management is responsible for as-
sessing the Group’s and the Parent’s abil-
ity to continue as a going concern, for dis-
closing, as applicable, matters related to
going concern, and for using the going
concern basis of accounting in preparing
the consolidated financial statements and
the parent financial statements unless
Management either intends to liquidate the
Group or the Entity or to cease operations,
or has no realistic alternative but to do so.
Auditor's responsibilities for the audit
of the consolidated financial
statements and the parent financial
statements
Our objectives are to obtain reasonable
assurance about whether the consolidated
financial statements and the parent
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. Reasona-
ble assurance is a high level of assurance,
but is not a guarantee that an audit con-
ducted in accordance with ISAs and the
additional requirements applicable in Den-
mark will always detect a material mis-
statement when it exists. Misstatements
can arise from fraud or error and are con-
sidered material if, individually or in the ag-
gregate, they could reasonably be ex-
pected to influence the economic deci-
sions of users taken on the basis of these
consolidated financial statements and
these parent financial statements.
As part of an audit conducted in accord-
ance with ISAs and the additional require-
ments applicable in Denmark, we exercise
professional judgement and maintain pro-
fessional scepticism throughout the audit.
We also:
• Identify and assess the risks of material
misstatement of the consolidated finan-
cial statements and the parent financial
statements, whether due to fraud or er-
ror, design and perform audit proce-
dures 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,
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 appro-
priate in the circumstances, but not for
the purpose of expressing an opinion
on the effectiveness of the Group’s and
the Parent’s internal control.
• Evaluate the appropriateness of ac-
counting policies used and the reason-
ableness of accounting estimates and
related disclosures made by Manage-
ment.
• Conclude on the appropriateness of
Management’s use of the going con-
cern basis of accounting in preparing
the consolidated financial statements
and the parent financial statements,
and, based on the audit evidence ob-
tained, whether a material uncertainty
exists related to events or conditions
that may cast significant doubt on the
Group's and the Parent’s ability to con-
tinue as a going concern. If we con-
clude that a material uncertainty exists,
we are required to draw attention in our
auditor’s report to the related disclo-
sures in the consolidated financial
statements and the parent financial
statements or, if such disclosures are
inadequate, to modify our opinion. Our
conclusions are based on the audit evi-
dence obtained up to the date of our
auditor’s report. However, future events
or conditions may cause the Group and
the Entity to cease to continue as a go-
ing concern.
• Evaluate the overall presentation, struc-
ture and content of the consolidated fi-
nancial statements and the parent fi-
nancial statements, including the