Auditor’s report
To the general meeting of the shareholders of AAK AB (publ.) corporate identity number 556669-2850
87
Report on the annual accounts and consolidated accounts
Opinions
We have audited the annual accounts and consolidated accounts of
AAK AB (publ.) for the year 2017 except for the corporate governance
statement on pages 81–85. The annual accounts and consolidated
accounts of the company are included on pages 39–86 in this document.
In our opinion, the annual accounts have been prepared in accordance
with the Annual Accounts Act and present fairly, in all material
respects, the financial position of parent company as of December 31,
2017 and its financial performance and cash flow for the year then
ended in accordance with the Annual Accounts Act. The consolidated
accounts have been prepared in accordance with the Annual
Accounts Act and present fairly, in all material respects, the financial
position of the group as of December 31, 2017 and their financial
performance and cash flow for the year then ended in accordance
with International Financial Reporting Standards (IFRS), as adopted
by the EU, and the Annual Accounts Act. Our opinions do not cover
the corporate governance statement on pages 81–85. The statutory
administration report is consistent with the other parts of the annual
accounts and consolidated accounts.
We therefore recommend that the general meeting of shareholders
adopts the income statement and balance sheet for the parent company
and the group.
Our opinions in this report on the the annual accounts and consolidated
accounts are consistent with the content of the additional report
that has been submitted to the parent company’s and the group’s
audit committee in accordance with the Audit Regulation (537/2014)
Article 11.
Basis for Opinions
We conducted our audit in accordance with International Standards
on Auditing (ISA) and generally accepted auditing standards in Sweden.
Our responsibilities under those standards are further described
in the Auditor’s Responsibilities section. We are independent of the
parent company and the group in accordance with professional ethics
for accountants in Sweden and have otherwise fulfilled our ethical
responsibilities in accordance with these requirements. This includes
that, based on the best of our knowledge and belief, no prohibited
services referred to in the Audit Regulation (537/2014) Article 5.1 have
been provided to the audited company or, where applicable, its parent
company or its controlled companies within the EU.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinions.
Our audit approach
Audit scope
We designed our audit by determining materiality and assessing
the risks of material misstatement in the consolidated financial
statements. In particular, we considered areas where the Managing
Director and the Board of Directors made subjective judgments; for
example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently
uncertain. As in all of our audits, we also addressed the risk of the
Board of Directors and the Managing Director override of internal controls,
including among other matters consideration of whether there
was evidence of bias that represented a risk of material misstatement
due to fraud.
We tailored the scope of our audit in order to perform sufficient
work to enable us to provide an opinion on the consolidated financial
statements as a whole, taking into account the structure of the Group,
the accounting processes and controls, and the industry in which the
group operates.
Materiality
The scope of our audit was influenced by our application of materiality.
An audit is designed to obtain reasonable assurance whether the
financial statements are free from material misstatement. Misstatements
may arise due to fraud or error. They are considered material
if, individually or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the
consolidated financial statements.
Based on our professional judgment, we determined certain quantitative
thresholds for materiality, including the overall materiality for
the financial statements as a whole. These, together with qualitative
considerations, helped us to determine the scope of our audit and
the nature, timing and extent of our audit procedures and to evaluate
the effect of misstatements, both individually and in aggregate on the
financial statements as a whole.
Key audit matters
Key audit matters of the audit are those matters that, in our professional
judgment, were of most significance in our audit of the annual
accounts and consolidated accounts of the current period. These matters
were addressed in the context of our audit of, and in forming our
opinion thereon, the annual accounts and consolidated accounts as a
whole, but we do not provide a separate opinion on these matters.