Independent Auditor’s Assurance Report on the CSR statement To Management and broader stakeholders of Palsgaard A/S Palsgaard A/S engaged us to provide limited assur- ance on the 2022 Corporate Social Resonsibility Report (“the CSR statement”) for the year ended 31 December 2022 presented on page 31 in the CSR Report of Palsgaard A/S including Palsgaard’s statement of CO 2 -neutral production covering reported scope 1 and 2 on production sites of Palsgaard A/S: Denmark, Netherlands, Malaysia, China, Mexico and Brazil. Management’s responsibilities Management of Palsgaard A/S is responsible for designing, implementing, and maintaining internal controls over information relevant to the preparation of the CSR data and information in the CSR statement, ensuring they are free from material misstatement, whether due to fraud or error. Furthermore, Management is responsible for establishing objective accounting policies for the preparation of CSR data, for the overall content of the CSR statement, and for measuring and report- ing CSR data in accordance with the Basis of prepa- ration and the CSR accounting policies on page 30 with a definition on reporting entities referring to figure 6 and whether Palsgaard A/S’ offsetting of its consolidated CO 2- emissions is free from material misstatement. Auditor’s responsibilities Our responsibility is to express a limited assurance conclusion based on our engagement with Manage- ment and in accordance with the agreed scope of work. We have conducted our work in accordance with ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information and ISAE 3410 Assurance Engagements on Greenhouse Gas Statements, and additional requirements under Danish audit regulation, to obtain limited assurance about our conclusion. Greenhouse Gas emissions quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emission factors and the values needed to combine emis- sions of different gasses. We are responsible for: • planning and performing the engagement to obtain limited assurance about whether the CSR statement is free from material misstatement, whether due to fraud or error, and prepared, in all material respects, in accordance with the accounting policies; • forming an independent conclusion, based on the procedures we performed and the evidence we obtained; and • reporting our conclusion to the Management and broader stakeholders of Palsgaard A/S. Deloitte Statsautoriseret Revisionspartnerselskab is subject to International Standard on Quality Control (ISQC) 1 and, accordingly, applies a comprehen- sive quality control system, including documented policies and procedures regarding compliance with ethical requirements, professional standards and ap- plicable legal and regulatory requirements. We have complied with the requirements for independence and other ethical requirements of the International Ethics Standards Board for Accountants’ Interna- tional Code of Ethics for Professional Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour, and ethical requirements applicable in Denmark. A limited assurance engagement is substantially less in scope than a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had we performed a reasonable assurance engagement. Work performed We are required to plan and perform our work in order to consider the risk of material misstatement in the CSR statement. To do so, we have: • conducted interviews with data owners and internal stakeholders to understand the key processes and control activities for measur- ing, recording and reporting the CSR data; • performed limited substantive testing on a selective basis to check that data has been appropriately measured, recorded, collated and reported; • performed analysis of data, selected based on risk and materiality; • reviewed that Palsgaard A/S has offset its consolidated CO 2 -emissions; • considered the presentation and disclosure of the CSR statement; • assessed that the process for reporting greenhouse gas emissions data follows the principles of relevance, completeness, con- sistency, transparency and accuracy outlined in The Greenhouse Gas Protocol Corporate Standard Revised edition (2015); and • evaluated the evidence obtained. 28
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