Annual Report IPF 2021 - Flipbook - Side 22
INDUSTRIENS PENSIONSFORSIKRING A/S
ANNUAL REPORT 2021
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report
To the shareholder of Industriens Pensionsforsikring A/S
Our opinion
In our opinion, the Financial Statements give a true and fair view of the Company’s financial position at 31 December 2021 and of the results of the Company’s operations for the financial year 1 January to 31 December
2021 in accordance with the Danish Financial Business Act.
Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors.
What we have audited
The Financial Statements of Industriens Pensionsforsikring A/S for the financial year 1 January to 31 December 2021 comprise income statement and other comprehensive income, balance sheet, statement of changes
in equity and notes, including summary of significant accounting policies (“Financial Statements”).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.
Appointment
We were first appointed auditors of Industriens Pensionsforsikring A/S on 26 April 2016 for the financial year ending 31 December 2016. We have been reappointed annually by shareholder resolution for a total
period of uninterrupted engagement of six years including the financial year 2021.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2021. These matters were addressed in the context of our audit of
the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
Measurement of unlisted investment assets
Unlisted investment assets comprise investments in equity funds and unlisted shares and are included
in the financial line items “other financial investment assets” and “investment assets related to market
rate contracts” totalling DKK 63,800 million, which constitutes 27% of total investment assets.
Unlisted investment assets further comprise investments in property and infrastructure (offshore
wind turbines and solar cell plants) and are included in the financial line items “Equity investments in
associated enterprises” and “investment assets related to market rate contracts” totalling DKK 7,734
million, which constitutes 3% of total investment assets.
Unlisted investment assets are measured at an estimated fair value. The accounting estimate of fair
How our audit addressed the key audit matter
We performed risk assessment procedures with the purpose of achieving an understanding of IT
systems, procedures and relevant controls relating to measurement of unlisted investments.
In respect of controls, we assessed whether these were designed and implemented effectively to
address the risk of material misstatement. For selected controls, on which we planned to rely on,
we tested whether these controls had been performed on a consistent basis.
We assessed and tested the valuation models applied by Management.
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