LegalGrant Thornton
Sprawozdanie z badania rocznego sprawozdania finansowego 2020
26 Apr 20216 pages~14 min full read
Grant Thornton Frąckowiak issued an unqualified audit opinion for PCF Group S.A. for the fiscal year ending December 31, 2020, confirming the financial statements comply with IFRS and Polish law.
PCF Group S.A. reported 76.2 million PLN in sales revenue and 21.6 million PLN in contract assets for the 2020 fiscal year.
The auditors identified the valuation of contract assets and revenue recognition as a key audit matter due to the complexity of contract modifications, variable compensation, and work completion estimates.
This audit represents the first financial review of PCF Group S.A. following its admission to trading on the Warsaw Stock Exchange in December 2020.
Audit procedures for revenue and assets included verifying management’s professional estimates against source documentation and assessing the accuracy of budget cost qualifications.
The auditors confirmed that the management’s activity report is consistent with the financial statements and satisfies all legal corporate governance disclosure requirements.
Grant Thornton maintained independence throughout the engagement, confirming that no prohibited non-audit services were provided to the company during the 2020 period.
This independent auditor’s report, prepared by Grant Thornton Frąckowiak, presents the results of the statutory audit of PCF Group S.A. for the fiscal year ending December 31, 2020. The primary purpose of the document is to provide an expert opinion on whether the company’s financial statements offer a fair and clear view of its financial position and performance in accordance with International Financial Reporting Standards (IFRS) and applicable Polish law. This audit marks the second consecutive year of Grant Thornton’s engagement and the first since the company’s shares were admitted to trading on the Warsaw Stock Exchange in December 2020.
The auditors issued an unqualified opinion, concluding that the financial statements are reliable, consistent with the company’s accounting books, and compliant with statutory requirements. The scope of the audit covered the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, and the statement of cash flows. The methodology followed National Auditing Standards (KSB) and EU Regulation 537/2014, utilizing professional judgment and skepticism to identify risks of material misstatement.
A key audit matter identified during the process was the valuation of assets from contracts with customers and the recognition of sales revenue. For the 2020 period, PCF Group reported sales revenue of 76.2 million PLN and contract assets valued at 21.6 million PLN. The auditors highlighted the complexity of these contracts, which involve frequent modifications, variable compensation elements such as bonuses and warrants, and professional estimates regarding the degree of work completion. Audit procedures included analyzing internal control environments, verifying management assumptions against source documentation, and checking the accuracy of budget cost qualifications.
The report also confirms that the management's activity report is consistent with the financial statements and meets all legal requirements regarding corporate governance disclosures. The auditors declared their independence from the company, noting that no prohibited non-audit services were provided during the period.
