We have audited the accompanying annual financial statements of the joint-stock company which comprise a balance sheet as at December 31, 2020, a profit and loss statement, annexes to the balance sheet and the profit and loss statement, as well as a statement of changes in equity, a statement of cash flows for 2020, notes to the balance sheet and the profit and loss statement.
The management of the audited entity is responsible for preparation and reliability of the said financial statements in accordance with the financial reporting rules and for the internal control system necessary to prepare the financial statements that are free from material misstatement whether due to fraud or error. Our responsibility is to express our opinion regarding the reliability of annual financial statements based on the audit we have conducted.
We conducted the audit in accordance with the International Standards on Auditing (ISAs). These standards require that we comply with applicable rules of ethics as well as plan and conduct the audit so as to obtain reasonable assurance that the annual financial statements are free from material misstatement. The audit included the implementation of the audit procedures aimed at obtaining the audit evidence that confirms the figures in the annual financial statements and disclosing the information contained therein. Selection of audit procedures is a matter of our judgment which is based on our assessment of the risk of material misstatement due to fraud or error. While assessing this risk, we considered the internal control system that ensures the preparation and reliability of annual financial statements in order to select the appropriate audit procedures, but not to express an opinion regarding the effectiveness of the internal control system.
The audit also included evaluating the appropriateness of the accounting policies used and the reasonableness of estimates obtained by the management of the audited entity, as well as evaluating the presentation of the annual financial statements as a whole. We believe that the audit evidence obtained during the audit is sufficient to provide a basis for our opinion of the reliability of the annual financial statements. In our opinion, the annual financial statements give a true and fair view of the financial position of the joint-stock company as at December 31, 2020, its financial performance and its cash flows for 2020 in accordance with the international financial reporting rules.