ANNUAL REPORT 2016
Statutory Audit Report
December 31st 2016
Ibersol, S.G.P.S., S.A.
PwC 4 of 7
Responsibilities of management and supervisory board for the consolidated financial statements
Management is responsible for:
a) the preparation of the consolidated financial statements, which present fairly the financial position, the financial
performance and the cash flows of the Group in accordance with International Financial Reporting Standards (IFRS),
as adopted by the European Union;
b) the preparation of the Directors’ Report, including the Corporate governance Report, in accordance with the
applicable law and regulations;
c) the creation and maintenance of an appropriate system of internal control to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error;
d) the adoption of appropriate accounting policies and criteria;
e) the assessment of the Group’s ability to continue as a going concern, disclosing, as applicable, events or conditions
that may cast significant doubt on the Group’s ability to continue its activities.
The supervisory board is responsible for overseeing the process of preparation and disclosure of the Group’s financial
information.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our responsibility is to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs 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.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
a) identify and assess the risks of material misstatement of the consolidated financial statements, 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, intentional
omissions, misrepresentations, or the override of internal control;
b) obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
internal control;
c) evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management;
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