ReportPCF Group
Independent Auditor's Report on the Consolidated Financial Statements: 2020
6 pages~15 min full read
The 2020 consolidated financial statements for PCF Group S.A. received an unqualified audit opinion, confirming they present a true and fair view of the group's financial position in accordance with IFRS and EU regulations.
See it on page 1The audit identified no material misstatements or significant uncertainties regarding the group’s ability to continue as a going concern.
See it on page 4Key audit focus areas included revenue recognition under IFRS 15, the valuation of customer-contract assets, and the assessment of significant estimates such as warranties and performance obligations.
See it on page 2The 2020 fiscal year represents the first financial reporting period for PCF Group S.A. following its listing on the Warsaw Stock Exchange.
See it on page 1The audit was conducted in compliance with Polish statutory requirements and International Standards on Auditing (ISA), covering a continuous two-year engagement period from 2019 to 2020.
See it on page 2The auditor confirmed that the group's annual activity report and corporate governance statement comply with all relevant Polish accounting laws and regulatory requirements.
See it on page 6The audit opinion confirms that the 2020 consolidated financial statements of PCF Group Spółka Akcyjna and its subsidiaries present a true and fair view of the group’s financial position, performance, and cash flows in accordance with International Financial Reporting Standards (IFRS) and related EU regulations. The audit was conducted under Polish statutory requirements, International Standard on Auditing (ISA) 200 and related national standards, with the auditor maintaining independence in line with IESBA ethics. The audit scope covered all financial statements, including the statement of changes in equity, cash‑flow statement, and additional disclosures, but did not extend to future profitability or management effectiveness. Key audit areas included revenue recognition under IFRS 15, valuation of customer‑contract assets, and assessment of significant estimates such as variable consideration, warranties, and performance obligations. The auditor obtained sufficient appropriate evidence to support the opinion and identified no material misstatements or significant uncertainties affecting the group’s ability to continue as a going concern. The report also addresses other statutory disclosures, including the annual activity report and corporate governance statement, affirming compliance with Polish accounting law and regulatory requirements. The audit engagement was continuous for two fiscal years (2019–2020), with the 2020 statements being the first after the group’s shares were listed on the Warsaw Stock Exchange. The auditor’s responsibilities, management’s duties, and audit procedures are detailed, underscoring the rigorous nature of the examination and the auditor’s professional skepticism throughout the engagement.
