PANDORA Annual Report 2017

P A N D O R A A N N U A L R E P O R T 2 0 1 7 S T A T E M E N T S C O N T E N T S 1 1 6 • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cir- cumstances, but not for the purpose of ex- pressing an opinion on the effectiveness of the Group’s and the Parent Company’s inter- nal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of ac- counting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the 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 go- ing 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 financial statements or, if such disclosures are inadequate, to modify our opinion. 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 the Group and the Parent Company to cease to contin- ue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, in- cluding the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. • Obtain sufficient appropriate audit evidence regarding the financial information of the en- tities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely respon- sible for our audit opinion. We communicate with those charged with gov- ernance regarding, among other matters, the planned scope and timing of the audit and signif- icant audit findings, including any significant de- ficiencies in internal control that we identify dur- ing our audit. We also provide those charged with governance with a statement that we have complied with rel- evant ethical requirements regarding independ- ence, and to communicate with them all relation- ships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the Parent Company financial statements of the cur- rent period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclo- sure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reason- ably be expected to outweigh the public interest benefits of such communication. Copenhagen, 6 February 2018 Ernst & Young Godkendt Revisionspartnerselskab CVR no. 30 70 02 28 Henrik Kronborg Iversen State Authorised Public Accountant MNE no. 24687 Anders Stig Lauritsen State Authorised Public Accountant MNE no. 32800 I NDE P ENDENT AUD I TOR S ’ R E PORT ( CONT I NUED )

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