Responsibilities of the Board of Directors and the
Chief Executive Officer
The Board of Directors and the Chief Executive
Officer 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 Chief Executive
Officer 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 Chief Executive
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Officer 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 Chief Executive Officer intend 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 Directors’ 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.
A further description of our responsibility for the audit
of the annual accounts and consolidated accounts is
available on Revisorsinspektionen’s website:
www.revisorsinspektionen.se/revisornsansvar. This
description is part of the auditor’s report.
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 Chief
Executive Officer of AAK AB for the year 2019 and the
proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders
that the profit be appropriated in accordance with the
proposal in the statutory administration report and that
the members of the Board of Directors and the Chief
Executive Officer be discharged from liability for the
financial year.
Basis for opinions
We conducted the audit in accordance with generally
accepted auditing standards in Sweden. Our responsibilities
under those standards are further described in
the Auditor’s responsibility 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.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
opinions.
Responsibilities of the Board of Directors and the
Chief Executive Officer
The Board of Directors is responsible for the proposal
for appropriations of the company’s profit or loss. At the
proposal of a dividend, this includes an assessment
of whether the dividend is justifiable considering the
requirements which the company’s and the Group’s type
of operations, size and risks place on the size of the
Parent company’s and the Group’s equity, consolidation
requirements, liquidity and position in general.