Novozymes A/S 164Statements
Statement on Management’s Review
Management is responsible for Management’s
Review, pages 3-63 and 181-182.
Our opinion on the Financial Statements and on
the Environmental, Social and Governance Data
does not cover Management’s 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’s Review and, in doing so, consider
whether Management’s 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’s
Review includes the disclosures required by the
Danish Financial Statements Act.
Based on the work we have performed, in our
view, Management’s Review is in accordance with
the Consolidated Financial Statements, the
Parent Company Financial Statements and the
Environmental, Social and Governance Data and
has been prepared in accordance with the
requirements of the Danish Financial Statements
Act. We did not identify any material misstate-
ment in Management’s Review.
Management’s responsibilities for the Financial
Statements and the Environmental, Social and
Governance Data
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 state-
ments that give a true and fair view in accord-
ance with the Danish Financial Statements Act,
and for such internal control as Management
determines is necessary to enable the prepara-
tion of financial statements that are free from
material misstatement, whether due to fraud or
error.
Furthermore, Management is responsible for pre-
paring the Environmental, Social and Governance
Data in accordance with the accounting policies
for the Environmental, Social and Governance
Data, and for such internal control as
Management determines is necessary to enable
the preparation of Environmental, Social and
Governance Data that are free from material mis-
statement, 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 con-
tinue as a going concern, disclosing, as applica-
ble, 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 opera-
tions, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the
Financial Statements and the Environmental,
Social and Governance Data
Our objectives are to obtain reasonable assur-
ance about whether the Financial Statements
and the Environmental, Social and Governance
Data as a whole are free from material misstate-
ment, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assur-
ance, but is not a guarantee that an audit con-
ducted in accordance with ISAs and the addi-
tional 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 and the Environmental, Social and
Governance Data.
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 mis-
statement of the Financial Statements and
the Environmental, Social and Governance
Data, 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, inten-
tional 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 cir-
cumstances, but not for the purpose of
expressing an opinion on the effectiveness of
the Group’s and the Parent Company’s inter-
nal 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 evi-
dence obtained, whether a material uncer-
tainty 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
GovernanceThe big picture
The Novozymes Report 2022