New Wave Group AB Annual_report_2018_EN_HQ | Page 124

NWG // FINANCIAL INFORMATION
We have reviewed the Company’s processes and
procedures for assessing and following up on slow
moving and obsolete goods. We have performed an
analytical review based on historical comparisons
and data analysis in order to identify slow moving
and obsolete goods and assess the need to make
provision. Furthermore we have also reviewed the
effectiveness of the disclosures related to valuation
of inventory in the annual report.
Other information than the annual
accounts and consolidated accounts
This document also contains other information than
the annual accounts and consolidated accounts and
is found on pages 2-56. The Board of Directors and
the CEO are responsible for this other information.
Our opinion on the annual accounts and consoli-
dated accounts does not cover this other information
and we do not express any form of assurance
conclusion regarding this other information.
In connection with our audit of the annual
accounts and consolidated accounts, our respon-
sibility is to read the information identified above
and consider whether the information is materially
inconsistent with the annual accounts and consoli-
dated accounts. In this procedure we also take into
account our knowledge otherwise obtained in the
audit and assess whether the information otherwise
appears to be materially misstated.
If we, based on the work performed concerning
this information, conclude that there is a material
misstatement of this other information, we are
required to report that fact. We have nothing to
report in this regard.
Responsibilities of the Board of Directors
and the CEO
The Board of Directors and the CEO are respon-
sible for the preparation of the annual accounts and
consolidated accounts and that they give a fair presen-
tation in accordance with the Annual Accounts Act
and, concerning the consolidated accounts, in accor-
dance with IFRS as adopted by the EU. The Board
of Directors and the CEO are also responsible for
such internal control as they determine is necessary
to enable the preparation of annual accounts and
consolidated accounts that are free from material
misstatement, whether due to fraud or error.
124 // ANNUAL REPORT
In preparing the annual accounts and consolidated
accounts, The Board of Directors and the CEO are
responsible for the assessment of the company’s and
the Group’s ability to continue as a going concern.
They disclose, as applicable, matters related to
going concern and using the going concern basis of
accounting. The going concern basis of accounting
is however not applied if the Board of Directors and
the CEO intends to liquidate the company, to cease
operations, or has no realistic alternative but to do
so.
The Audit Committee shall, without prejudice to
the Board of Director’s responsibilities and tasks in
general, among other things oversee the company’s
financial reporting process.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance
about whether the annual accounts and consoli-
dated accounts as a whole are free from material
misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accor-
dance with ISAs and generally accepted auditing
standards in Sweden 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 annual
accounts and consolidated accounts.
As part of an audit in accordance with ISAs, we
exercise professional judgment and maintain profes-
sional skepticism throughout the audit. We also:
# # Identify and assess the risks of material
misstatement of the annual accounts and
consolidated accounts, 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 opinions. 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, misrepresenta-
tions, or the override of internal control.