Untitled - Saxo World

The independent auditors’ reportTO THE SHAREHOLDERS OF SAXO BANK A/SWe have audited the consolidated financial statementsand the Parent Company financial statements of SaxoBank A/S for the financial year 1 January – 31 December2009 on pages 40-71. The consolidated financial statementsand Parent Company financial statements comprisethe Income Statement, Balance Sheet, Capital Statement,Solvency and Notes to the financial statement for theGroup as well as for the Parent Company. The consolidatedfinancial statements and the Parent Company financialstatements have been prepared in accordance with theDanish Financial Business Act.In addition to our audit, we have read the Management’sreview (Management Report and Operational Review) preparedin accordance with the Danish Financial BusinessAct and issued a statement in this regard.MANAGEMENT’S RESPONSIBILITYManagement is responsible for the preparation and fairpresentation of the consolidated financial statements andParent Company financial statements in accordance withthe Danish Financial Business Act. This responsibility includes:designing, implementing and maintaining internalcontrol relevant to the preparation and fair presentationof consolidated financial statements and Parent Companyfinancial statements that are free from material misstatement,whether due to fraud or error; selecting and applyingappropriate accounting policies; and making accountingestimates that are reasonable in the circumstances.Furthermore, it is the responsibility of Management toprepare a Management review that gives a fair review inaccordance with the Danish Financial Business Act.AUDITORS’ RESPONSIBILITY AND BASIS OF OPINIONOur responsibility is to express an opinion on the consolidatedfinancial statements and Parent Company financialstatements based on our audit. We conducted our auditin accordance with the Danish Standards on Auditing.Those standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonableassurance that whether the consolidated financialstatements and the Parent Company financial statementsare free from material misstatement.An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the consolidatedfinancial statements and the Parent Company financialstatements. The procedures selected depend onthe auditors’ judgement, including the assessment of therisks of material misstatement of the consolidated financialstatements and the Parent Company financial statements,whether due to fraud or error. In making those riskassessments, the auditors consider internal control relevantto the Company’s preparation and fair presentationof the consolidated financial statements and the ParentCompany financial statements in order to design auditprocedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectivenessof the Company’s internal control. An audit alsoincludes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimatesmade by Management, as well as evaluating theoverall presentation of the consolidated financial statementsand the Parent Company financial statements.We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our auditopinion.Our audit did not result in any qualification.OPINIONIn our opinion, the consolidated financial statements andthe Parent Company financial statements give a true andfair view of the Group’s and the Parent Company’s financialposition at 31 December 2009 and of the results ofthe Group’s and the Parent Company’s operations for thefinancial year 1 January – 31 December 2009 in accordancewith the Danish Financial Business Act.ANNUAL REPORT 2009 · SAXO BANK · 73