Annual Report 2010 (4.1 MB) - Danish Technological Institute

Financial Statements > 2010
P.
113
Independent auditors’ report
The Auditor has attached the following audit report to the consolidated financial statements.
To the Danish Technological
Institute and users of financial
statements
We have audited the consolidated
financial statements and the Parent
Company’s financial statements of
the Danish Technological Institute for
the financial year ended 31 December
2010 on pages 104-111. The consolidated
financial statements and the
Parent Company’s financial statements
of the Danish Technological Institute
comprise the accounting policies,
income statement, balance sheet, cash
flow statement and notes. The consolidated
financial statements and the
Parent Company’s financial statements
are prepared in compliance with the
Danish Financial Statements Act.
In connection with our audit, we have
read the management’s review, prepared
in compliance with the Danish
Financial Statements Act, and issued a
statement in this regard.
Responsibility of management for
the Annual Report
Management is responsible for preparing
and presenting consolidated financial
statements and Parent Company
financial statements which give a
true and fair view in conformity with
the provisions of the Danish Financial
Statements Act. This responsibility
includes establishing, implementing
and maintaining internal controls
of relevance to the preparation and
presentation of consolidated financial
statements and Parent Company’s
financial statements which give a true
and fair view and are free of material
misstatement, regardless of whether
such misstatement is the result of fraud
or error, and choosing and applying
appropriate accounting policies and
making accounting estimates which are
reasonable under the circumstances.
Responsibility of the auditors and
basis of opinion
Our responsibility is to express an
opinion on the consolidated financial
statements and the Parent Company’s
financial statements based on our
audit. We conducted our audit in
accordance with Danish auditing standards
and generally accepted auditing
practices; cf. the audit instructions of
Guidelines for Approved Technological
Service in Denmark 2005. These
standards require that we comply
with ethical standards and plan and
perform our audit to obtain reasonable
assurance that the consolidated
financial statements and the Parent
Company’s financial statements are
free of material misstatement.
An audit comprises procedures to obtain
audit evidence of the amounts and
disclosures stated in the consolidated
financial statements and the Parent
Company’s financial statements. The
procedures chosen depend on the
auditors’ assessment, including an
assessment of the risk of material misstatement
in the consolidated financial
statements and the Parent Company’s
financial statements, regardless of
whether such misstatement is the
result of fraud or error. In the risk
assessment, the auditors consider
internal controls of relevance to the Institute’s
preparation and presentation
of consolidated financial statements
and Parent Company’s financial statements
which give a true and fair view
for the purpose of establishing audit
procedures that are appropriate under
the circumstances, but not for the purpose
of expressing an opinion on the
effectiveness of the Institute’s internal
controls. An audit also includes assessing
whether the accounting policies
applied by management are appropriate,
assessing whether the accounting
estimates made by management are
reasonable and assessing the overall
presentation of the consolidated
financial statements and the Parent
Company’s financial statements.
In our opinion, the audit evidence
obtained provides a reasonable and
suitable basis for our opinion.
Our audit has not resulted in any
qualification.
Opinion
In our opinion, the consolidated
financial statements and the Parent
Company’s financial statements give a
true and fair view of the Group’s and
the Danish Technological Institute’s assets,
liabilities and financial position at
31 December 2010 and of the results
of the Group’s and the Danish Technological
Institute’s operations and cash
flows for the financial year ended 31
December 2010 in conformity with the
Danish Financial Statements Act.
Statement on the management’s
review
Pursuant to the Danish Financial Statements
Act, we have read the management’s
review. We have not performed
any other procedures in addition to
the audit of the consolidated financial
statements and the Parent Company’s
financial statements. On this basis, it is
our opinion that the information given
in the management’s review is consistent
with the consolidated financial
statements and the Parent Company’s
financial statements.
Copenhagen, 10 February 2011
KPMG
Statsautoriseret Revisionspartnerselskab
Finn L. Meyer
State-authorised Public Accountant
Carsten Strunk
State-authorised Public Accountant