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Auditor’s report
To the general meeting of the shareholders of AAK AB (publ.), corporate identity number 556669-2850
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 2018 except for
the corporate governance statement on pages 107–115.
The annual accounts and consolidated accounts of
the company are included on pages 39–116 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, 2018
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, 2018 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. 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 annual accounts
and consolidated accounts are consistent with the
content of the additional report that has been submitted
to the parent company’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 where management made subjective judgements;
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
management 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 judgement, we determined
certain quantitative thresholds for materiality, including
the overall group materiality for the consolidated
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.