Product and development
Corporate
Matters
Corpora
Statement of the Board of Directors
and Executive Management
Statement of the Board
Independent
Auditor’s Report
Independent
Consolidated
financial statements
Consolidated
Financial statements
Financial
Hamb
Menu
Product and
Corporate
Statement of the Board of
Independen
Consolidated
Overview
Overview
programs
Product
of the parent company
Financial
Independent auditor’s report
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements
To the shareholders
of Pharma Equity Group A/S
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements and the Parent CompanyFinancial Statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additoi nal requirements applicable in
Denmark 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 Consolidated Financial
Statements and Parent Company Financial Statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise proef ssional judgment and
maintain professional skepticism throughout the audit. We also:
Statement on Management Commentary
Management is responsible for Management Commentary.
Our opinion on the Consolidated Financial Statements and the Parent
Company Financial Statements does not cover Management Commentary, and
we do not express any form of assurance conclusion thereon.
•
Identify and assess the risks of material misstatement of the Consolidated Financial State-ments and the Parent Company Financial Statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf-ficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is hig her than for one resulting
from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of inter-nal control.
•
•
•
Obtain an understanding of internal control relevant to the audit in order to design audit pro-cedures that are appropriate in the circumstances, but
In connection with our audit of the Consolidated Financial Statements and the
Parent Company Financial Statements, our responsibility is to read
Management Commentary and, in doing so, consider whether Management
Commentary is materially inconsistent with the Consolidated Financial
Statements or the Parent Company Financial Statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of account-ing estimates and related disclosures made by
Management.
Conclude on the appropriateness of Management’s use of the going concern basis of account-ing in preparing the Consolidated Financial Statements
and the Parent Company Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s and the Parent Company’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 Consolidated Financial
Statements and the Parent Company Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the au-dit evidence obtained up to the date of our auditor’s report. However, future events or condi-tions may cause the Group and the Company to
cease to continue as a going concern.
Moreover, it is our responsibility to consider whether Management
Commentary provides the information required under the Danish Financial
Statements Act.
Based on the work we have performed, we conclude that Management
Commentary is in accordance with the Consolidated Financial Statements and
the Parent Company Financial Statements and has been prepared in
accordance with the requirements of the Danish Financial Statements Act. We
did not identify any material misstatement of Management Commentary.
•
•
Evaluate the overall presentation, structure and contents of the Consolidated Financial State-ments and the Parent Company Financial Statements,
including the disclosures, and whether the Consolidated Financial Statements and the Parent Company Financial Statements repre-sent the
underlying transactions and events in a manner that gives a true and fair view.
Management’s Responsibilities for the Consolidated Financial Statements and
the Parent Company Financial Statements
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units
within the group as a basis for form-ing an opinion on the group Financial Statements and the Parent Company Financial State-ments. We are
responsible for the direction, supervision and review of the audit work per-formed for purposes of the group audit. We remain solely responsible for
our audit opinion.
Management is responsible for the preparation of Consolidated Financial
Statements and Parent Company Financial Statements that give a true and fair
view in accordance with the IFRS Accounting Standards as adopted by the EU
and additional requirements in the Danish Financial Statements Act, and for
such internal control as Management determines is necessary to enable the
preparation of Consolidated Financial Statements and Parent Company
Financial Statements that are free from material misstatement, whether due to
fraud or error.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate them all relationships and other matters that may reasonably thought to bear on our independence, and where applicable, actions taken
to eliminate threats or safeguards applied.
In preparing the Consolidated Financial Statements and the Parent Company
Financial Statements, Management is responsible for assessing the Group’s and
the Parent Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis
of accounting in preparing the Consolidated Financial Statements and the
Parent Company Financial Statements unless Management either intends to
liquidate the Group or the Company or to cease operations, or has no realistic
alternative but to do so.
From the matters communicated with those charged with governance, we determine those matters that were of most significance ni
the audit of the
Consolidated Financial Statements and the Parent Company Financial Statements of the current period and are therefore the keyaudit matters. We
describe these matters in our Independent Auditor’s Report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our Independent Auditor’s Report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of suchcommuni-cation.
Pharma Equity Group A/S
Annual Report 2024
32
