ANNUAL REPORT 2021
LUNDBECK
ANNUAL REPORT 2021
= CONTENTS
107/111
INDEPENDENT
AUDITOR'S
REPORTS
CONTINUED
Statement on Management review
Management is responsible for Management review (pages 3-50 and
pages 110-111, respectively).
Our opinion on the financial statements does not cover Management
review, and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the financial statements, our
responsibility is to read Management review and, in doing so, consider
whether Management review is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
Moreover, we considered whether Management review includes the
disclosures required by the Danish Financial Statements Act.
Based on the work we have performed, in our view, Management
review 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 in Management
review.
Management's responsibilities for the financial statements
Management is responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance with
International Financial Reporting Standards as adopted by the EU and
further requirements in the Danish Financial Statements Act and for the
preparation of Parent company financial statements that give a true and
fair view in accordance with the Danish Financial Statements Act, and
for such internal control as Management determines is necessary to
enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the 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 unless
Management either intends to liquidate the Group or the Parent
company or to cease operations, or has no realistic alternative but to do
SO.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial 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 additional 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
financial statements.
As part of an audit in accordance with ISAs and the additional
requirements applicable in Denmark, we exercise professional
judgment and maintain professional skepticism throughout the audit.
We also:
•
Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in
order to design audit procedures that are appropriate in the
circumstances, but 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 accounting estimates and related disclosures
made by Management.
•
• Conclude on the appropriateness of Management's use of the going
concern basis of accounting 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
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 eventsView entire presentation