TSC Annual Report 2024 final - Flipbook - Page 79
Independent auditor’s report
Other Matter
The Company has prepared a separate set of financial
statements in SEK for the year ended 31 December 2024
in accordance with the regulations regarding annual
reports for insurance companies (FFFS 2019:23), on
which we will issue a separate auditor’s report for the
Sveriges Ångfartygs Assurans Förening. The financial
statements have been translated from Swedish to English
and from SEK into USD in accordance with the principles
laid out in note 1 of these financial statements.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the annual accounts
and that they give a fair presentation in accordance with
the Annual Accounts Act. The Board of Directors and the
Managing Director are also responsible for such internal
control as they determine is necessary to enable the
preparation of annual accounts that are free from material
misstatement, whether due to fraud or error.
In preparing the annual accounts, The Board of Directors
and the Managing Director are responsible for the
assessment of the company’s ability to continue as a
going concern. They disclose, as applicable, matters
related to going concern and using the going concern
basis of accounting. The going concern basis of
accounting is however not applied if the Board of
Directors and the Managing Director intends to liquidate
the company, to cease operations, or has no realistic
alternative but to do so.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about
whether the annual accounts as a whole are free from
material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance but is
not a guarantee that an audit conducted in accordance
with ISAs and generally accepted auditing standards in
Sweden 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
annual accounts.
As part of an audit in accordance with ISAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the annual accounts, 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 opinions. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
The Swedish Club | Annual Report 2024
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