Annual report Auditor's report
To the VR-Group Ltd Annual General Meeting
We have audited the accounting records, financial statements, report of the Board of Directors and administration of VR-Group Ltd for the financial year 1 January–31 December 2015. The financial statements comprise the consolidated and parent company balance sheets, profit and loss accounts, cash flow statements and notes to the financial statements.
Responsibility of the Board of Directors and President
The Board of Directors and the President and CEO are responsible for the preparation of the financial statements and the report of the Board of Directors and for ensuring that they give a true and fair view in accordance with the laws and regulations in Finland governing the preparation of financial statements and the report of the Board of Directors. The Board of Directors is responsible for the proper arrangement of the control of the company’s accounts and finances and the President and CEO is responsible for ensuring that the accounts of the company are in compliance with the law and that the company's financial affairs have been arranged in a reliable manner.
Auditor's responsibility
Our responsibility is to express an opinion on the parent company’s financial statements, on the consolidated financial statements and on the report of the Board of Directors based on our audit. The Finnish Auditing Act requires that we comply with the requirements of professional ethics. We have conducted the audit in accordance with good auditing practice in Finland. Good auditing practice requires that we plan and perform the audit to obtain reasonable assurance that the financial statements and the report of the Board of Directors are free from material misstatement and whether the members of the Supervisory Board and the Board of Directors or the President of the parent company are guilty of any act or negligence that may result in liability for damages to the company or have violated the Limited Liability Companies Act or the articles of association of the company.
The auditing procedures should obtain audit evidence about the accuracy of the amounts and other disclosures in the financial statements and the report of the Board of Directors. The procedures selected depend on the auditor’s judgement and assessment of the risks of material misstatement in the financial statements, whether due to fraud or error. In assessing these risks, the auditor takes into account the internal control relevant to the preparation of financial statements and the report of the Board of Directors that give a true and fair view so as to be able to plan audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness of the accounting principles applied, the reasonableness of the accounting estimates made by management, and the overall presentation of the financial statements and the report of the Board of Directors.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion on the financial statements and the report of the Board of Directors
In our opinion, the financial statements and the report of the Board of Directors give a true and fair view of the financial performance and financial position of the operations of the Group and the parent company, in accordance with current laws and regulations in Finland governing the preparation of financial statements and the report of the Board of Directors. The information in the report of the Board of Directors is consistent with the information in the financial statements.
Other opinions
In our opinion, the financial statements can be adopted. The proposal by the Board of Directors for the disposal of the profit for the period as stated in the balance sheet is in compliance with the Limited Liability Companies Act. The members of the Supervisory Board and the Board of Directors and the President of the parent company can be discharged from liability for the period audited by us.
Helsinki 9 March 2016
Ernst & Young Oy
Authorised Public Accountants
Mikko Rytilahti
APA, CPFA
