NWG // FINANCIAL INFORMATION
In preparing the annual accounts and consolidated accounts , The Board of Directors and the Managing Director 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 Managing Director intends to liquidate the company , to cease operations , or has no realistic alternative but to do so .
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 skepticism 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 Managing Director .
# Conclude on the appropriateness of the Board of Directors ’ and the Managing Director ’ 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 such disclosures are inadequate , to modify our opinion about the annual accounts and consolidated accounts . 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 a company and a group to cease to continue as a going concern .
# Evaluate the overall presentation , structure and content of the annual accounts and consolidated accounts , including the disclosures , and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation .
# Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated accounts . We are responsible for the direction , supervision and performance of the group audit . We remain solely responsible for our opinions .
We must inform the Board of Directors of , among other matters , the planned scope and timing of the audit . We must also inform of significant audit findings during our audit , including any significant deficiencies in internal control that we identified .
We must also provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence , 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 related safeguards applied .
From the matters communicated with the Board of Directors , we determine those matters that were of most significance in the audit of the annual accounts and consolidated accounts , including the most important assessed risks for material misstatement , and are therefore the key audit matters . We describe these matters in the auditor ’ s report unless law or regulation precludes disclosure about the matter .
Report on other legal and regulatory requirements
Opinions
In addition to our audit of the annual accounts and consolidated accounts , we have also audited the administration of the Board of Directors and the Managing Director of New Wave Group AB ( publ ) for the financial year 2022 and the proposed appropriations of the company ’ s profit or loss .
132 // ANNUAL REPORT