Komplett Bank Annual Report 2020

Auditor’s report PricewaterhouseCoopers AS, Postboks 748 Sentrum, NO-0106 Oslo T: 02316, org. no.: 987 009 713 VAT, www.pwc.no State authorised public accountants, members of The Norwegian Institute of Public Accountants, and authorised accounting firm To the General Meeting of Komplett Bank ASA Independent auditor’s report Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Komplett Bank ASA, which comprise statement of financial position as at the end of the period as at 31 December 2020, statement of profit or loss and other comprehensive income for the period, comprehensive income, statement of changes in equity for the period and statement of cash flows for the period for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements are prepared in accordance with law and regulations and give a true and fair view of the financial position of the Company as at 31 December 2020, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by EU. Basis for Opinion We conducted our audit in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company as required by laws and regulations, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The Company's business activities are mainly unchanged compared to last year. We have not identified regulatory changes, transactions or other events that qualified as new Key audit matters for our audit. The area The value of loans to customers has the same characteristics and risks as last year and has therefore been an important area of focus in our audit also in 2020. Key Audit Matter How our audit addressed the Key Audit Matter The value of loans to customers Loans to customers represents a considerable part of the Company’s total assets. The assessment of loan loss We have evaluated and tested the design and effectiveness of controls related to the loan loss provision models. Testing of these controls, focusing on the risk 114 Auditor’s report