Page 188 - KELAG Annual Report 2019
P. 188

 Using the expertise of our specialists, we performed data analysis for the entire manufacturing, household and business
                        customer base in respect of existence of customer relationships and completeness of customers for which accrued
                        revenue was recognized. In addition, we performed data analysis to identify irregular developments of tariffs. We
                        critically assessed these results.
                        Moreover, we assessed accruals and adjustments as well as the process of adjusting for deviations of prior periods and
                        critically evaluated the underlying assumptions and estimates.
                        We compared the amounts to be accrued as determined to the amounts recorded in the accounting system.

                    Management  is  responsible  for  the  preparation  and  fair  presentation  of  the  consolidated  financial  statements  in
                    accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, the additional requirements
                    pursuant to Section 245a UGB (Austrian Commercial Code) and for such internal controls as management determines are
                    necessary  to  enable  the  preparation  of  consolidated  financial  statements  that  are  free  from  material  misstatement,
                    whether due to fraud or error.

                    Management is also responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
                    matters related to going concern and using the going concern basis of accounting, unless management either intents to
                    liquidate the Group or to cease operations, or has no realistic alternative but to do so.

                    The audit committee is responsible for overseeing the Group’s financial reporting process.

                    Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
                    free from material misstatements – whether due to fraud or error –and to issue an auditor’s report that includes our audit
                    opinion. Reasonable assurance represents a high level of assurance, but provides no guarantee that an audit conducted
                    in  accordance  with  the  AP  Regulation  and  Austrian  Standards  on  Auditing  (and therefore  ISAs),  will  always  detect  a
                    material misstatement, if any. Misstatements may result from fraud or error and are considered material if, individually or
                    in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
                    consolidated financial statements.

                    As part of an audit in accordance with the AP Regulation and Austrian Standards on Auditing, we exercise professional
                    judgment and maintain professional skepticism throughout the audit.

                    Moreover :

                        We identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud
                        or error, we design and perform audit procedures responsive to those risks and obtain sufficient and appropriate audit
                        evidence to serve as a basis for our audit opinion. The risk of not detecting  material misstatements resulting from fraud
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