STATEMETNS •117
To the shareholders of PANDORAA/S
INDEPENDENT AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS AND THE
PARENT COMPANY FINANCIAL STATEMENTS
We have audited the consolidated financial statements and the Parent Company financial statements of PANDORAA/S for
the financial year 1 January – 31December 2014, which comprise income statement, statement of comprehensive income,
balance sheet, statement of changes in equity, cash flow statement andnotes, including a summary of significant accounting
policies, for theGroup aswell as for the Parent Company.The consolidated financial statements and the Parent Company
financial statements are prepared in accordancewith International Financial Reporting Standards as adopted by the EU and
Danish disclosure requirements for listed companies.
MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND THE
PARENT COMPANY FINANCIAL STATEMENTS
Management is responsible for the preparation of consolidatedfinancial statements andParent Company financial
statements that give a true and fair view in accordancewith International Financial Reporting Standards as adoptedby the
EU andDanish disclosure requirements for listed companies and for such internal control thatManagement determines is
necessary to enable the preparation of consolidatedfinancial statements andParent Company financial statements that are
free frommaterial misstatement, whether due to fraudor error.
AUDITORS’ RESPONSIBILITY
Our responsibility is to express anopinion on the consolidatedfinancial statements and the Parent Company financial
statements based on our audit.We conducted our audit in accordancewith International Standards onAuditing and
additional requirements under Danish audit regulation.This requires that we complywith ethical requirements andplan
and perform the audit to obtain reasonable assurance as towhether the consolidatedfinancial statements and the Parent
Company financial statements are free frommaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the consolidated
financial statements and the Parent Company financial statements.The procedures selecteddependon the auditors’
judgement, including the assessment of the risks of material misstatement of the consolidated financial statements and the
Parent Company financial statements, whether due to fraud or error. Inmaking those risk assessments, the auditors consider
internal control relevant to theCompany’s preparationof consolidated financial statements and Parent Company financial
statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances, but
INDEPENDENT
AUDITOR’S REPORTS
