TSC Annual Report 2024 final - Flipbook - Page 78
Independent auditor’s report
Report on the
annual accounts
Our opinion
Basis for opinions
We have audited the financial statements of The Swedish
Club (the Company), which comprise the income
statement for the year ended December 31, 2024, the
balance sheet as at 31 December 2024, the statement of
changes in equity for the year then ended and notes to the
financial statements, including a summary of significant
accounting policies.
We conducted our audit in accordance with International
Standards on Auditing (ISA) and generally accepted
auditing standards in Sweden. Our responsibilities
under those standards are further described in the
Auditor’s Responsibilities section. We are independent of
Sveriges Ångfartygs Assurans Förening in accordance
with professional ethics for accountants in Sweden and
have otherwise fulfilled our ethical responsibilities in
accordance with these requirements.
In our opinion, the accompanying financial statements of
The Swedish Club for the year ended 31 December 2024,
are prepared, in all material respects, in accordance with
the accounting policies described in the note 1 of these
financial statements.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
opinions.
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 of the current period. 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
How our audit addressed
the key audit matter
Valuation of provisions for claims outstanding
Provisions for claims outstanding constitute a
significant balance sheet item based on calculations
and estimates of future outcomes of the cost of claims.
Factors taken into account in the assessment include
time of settlement and patterns of claims.
The company uses established actuarial methods for
calculating provisions for claims outstanding. The
company's provisions consist of a number of different
products where the characteristics of the products
affect the calculation models.
For further description, see the Annual Report note 1, 2
and 16.
Our audit has included, but not exclusively, consisted of:
• Assessment of design and testing of the effectiveness of
controls in the processes for calculating the provision for
claims outstanding.
• Assessments of used actuarial methods and models.
We have also challenged and assessed the management’s
assumptions used in the calculations.
• In addition, we have conducted our own calculations
to ensure that the provision for claims outstanding is
reasonable. PwC’s own actuaries assisted the audit.
• We have reviewed and assessed whether the disclosures
in the annual report are appropriate.
78 The Swedish Club | Annual Report 2024
