ReportPCF Group
Independent Auditor's Report on the Annual Financial Statements: 2021
6 pages~7 min full read
PCF Group S.A. received an unqualified audit opinion for 2021, confirming its financial statements are free from material misstatement and comply with IFRS, EU regulations, and Polish statutory requirements.
See it on page 1The company reported total sales revenue of 107,825 thousand zloty for the 2021 fiscal year.
See it on page 2As of December 31, 2021, the company held a receivable balance of 22,385 thousand zloty stemming from client contracts.
See it on page 2The audit specifically validated revenue recognition practices under IFRS 15 and assessed potential fraud risks, finding no material issues in these areas.
See it on page 2Grant Thornton Frackowiak Sp. z o.o. sp. k. conducted the audit, with Jan Letkiewicz serving as the key auditor.
See it on page 3The audit engagement is part of a multi-year coverage plan for 2019–2022, following the firm's appointment by the supervisory board in June 2021.
See it on page 3The audit opinion confirms that PCF Group Spółka Akcyjna’s 2021 financial statements present a true and fair view of the company’s financial position as of December 31, 2021 and its performance for the year. The statements comply with International Financial Reporting Standards (IFRS), European Commission regulations, and Polish statutory requirements. The auditor’s assessment is based on a comprehensive examination of the company’s accounting records, internal controls, and disclosures, concluding that the financial statements are free from material misstatement.
Key findings include a recorded receivable balance of 22,385 thousand zloty from client contracts and total sales revenue of 107,825 thousand zloty for the year. The audit addressed significant risks such as revenue recognition under IFRS 15 and potential fraud, noting that evidence gathered was sufficient to support the opinion. No separate opinions were issued on these risk areas, and no material misstatements were identified.
The audit was performed in accordance with Polish law on certified public accountants, the National Standards for Auditing (KSB), and EU Regulation 537/2014. The engagement team, led by key auditor Jan Letkiewicz of Grant Thornton Frackowiak Sp. z o.o. sp. k., maintained independence and complied with the International Ethics Standards Board for Accountants (IESBA) code. The firm’s selection by the company’s supervisory board in June 2021 ensured continuity of audit coverage for 2019–2022, with the current engagement covering the 2021 year.
Overall, the audit confirms that the financial statements are reliable and comply with all applicable accounting and regulatory frameworks.
