NWG // FINANCIAL INFORMATION
and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts . In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated .
If we , based on the work performed concerning this information , conclude that there is a material misstatement of this other information , we are required to report that fact . We have nothing to report in this regard .
Responsibilities of the Board of Directors and the CEO
The Board of Directors and the CEO are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and , concerning the consolidated accounts , in accordance with IFRS as adopted by the EU . The Board of Directors and the CEO are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement , whether due to fraud or error .
In preparing the annual accounts and consolidated accounts , The Board of Directors and the CEO are responsible for the assessment of the Company ’ s and the Group ’ s ability to continue as a going concern . They disclose , as applicable , matters related to going concern and using the going concern basis of accounting . The going concern basis of accounting is however not applied if the Board of Directors and the CEO intends to liquidate the Company , to cease operations , or has no realistic alternative but to do so .
The Audit Committee shall , without prejudice to the Board of Director ’ s responsibilities and tasks in general , among other things oversee the Company ’ s financial reporting process .
Auditor ’ s responsibility
Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement , whether due to fraud or error , and to issue an auditor ’ s report that includes our opinions . Reasonable assurance is a high level of assurance , but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden 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 annual accounts and consolidated accounts .
As part of an audit in accordance with ISAs , we exercise professional judgment and maintain professional scepticism throughout the audit . We also :
# Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts , 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 opinions . 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 the Company ’ s internal control relevant to our 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 Company ’ s internal control .
# Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the CEO .
# Conclude on the appropriateness of the Board of Directors ’ and the CEO ’ s use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts . We also draw a conclusion , based on the audit evidence obtained , as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the Company ’ s and the Group ’ 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 annual accounts and consolidated accounts or , if
128 // ANNUAL REPORT