ANNUAL_REPORT_2016

PANDORA ANNUAL REPORT 2016

140 • STATEMENTS

• Conclude on the appropriateness of Management’s use of the going concern basis of accounting 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 auditors’ 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 conclusion is based on the audit evidence obtained up to the date of our auditors’ report. However, future events or

conditions may cause the Group and the Parent Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent

company financial statements, including the disclosures, and whether the consolidated financial statements and the

parent company 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 entities 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 responsible for our audit opinion.

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 with them all relationships 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 current

period and are therefore the key audit matters. We describe these matters in our auditors’ 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 report because the adverse consequences of doing so would reasonably be expected to

outweigh the public interest benefits of such communication.

Copenhagen, 7 February 2017

Ernst & Young

Godkendt Revisionspartnerselskab

CVR no. 30 70 02 28

Henrik Kronborg Iversen

Anders Stig Lauritsen

State Authorised Public Accountant