UEG Annual Report 2020 - 74

UEG Annual Report 2020
BBW Audit Report 2020
UEG NPO
We have audited the accompanying financial statements,
including the accounting system, of United European Gastroenterology,
Vienna, for the fiscal year from January 1, 2020 to
December 31, 2020.
These financial statements comprise the balance sheet as of December
31, 2020, the income statement for the fiscal year ended
December 31, 2020, and the notes.
In our opinion, the enclosed financial statements comply with
the legal requirements and give a true and fair view of the assets
and the financial position as of 31 December 2020 and its financial
performance as well as the earnings position of the association
for the financial year ending on this reporting date in accordance
with the regulations of the Association Act in application
with the regulations of the Austrian Commercial Code.
Basis for the audit opinion
We conducted our final audit in accordance with the Austrian
principles of proper auditing. These principles require the application
of International Standards on Auditing (ISA). Our responsibilities
under these regulations and standards are described
further in the section " Auditor's Responsibility and Description of
Type and Scope of the Voluntary Audit " of our audit opinion. We
are independent of the association in accordance with the Austrian
regulations of the Association Act and professional regulations
and we have fulfilled our other obligations in accordance
with these requirements. We believe that the audit evidence we
have obtained by May 17, 2021 is sufficient and appropriate to
serve as a basis for our audit opinion as of that date.
Our responsibility and liability as auditor towards the Association
and towards third parties amounts analogous to section 275
UGB to 2 million Euros.
Management's Responsibility for the Financial Statements and
for the Accounting System
The Association's management is responsible for the accounting
system and for the preparation and fair presentation of the financial
statements in accordance with the VerG and the Austrian
Commercial Code. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation
and fair presentation of financial statements that are
free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; making
accounting estimates that are reasonable in the circumstances.
In the preparation of the annual financial statements, the
management is responsible for assessing the ability of the company
to carry on its business, to specify matters relating to the
continuation of the business activity and to apply the accounting
principle to the continuation of the business. The management
intends to either liquidate the association or cease business or
has no realistic alternative to it.
Auditor's Responsibility and Description of Type and Scope of
the Voluntary Audit
Our objectives are to obtain reasonable assurance whether the
annual financial statements are free from material, intended or
unintentional misrepresentations and to issue an audit report
which includes our audit opinion. Adequate security is a high
degree of security, but there is no guarantee that a substantive
misrepresentation, if any, have been carried out in accordance
with the Austrian principles of proper auditing, which require
the application of the ISA . False representations may result
from fraudulent actions or errors and are deemed to be material
if individually or reasonably expected to affect the economic
decisions made by users on the basis of this annual financial
statements.
74
UEG Annual Report 2020

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