Annual Report 2019-2020

39 • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are app- ropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Efling stéttar- félag’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report However, future events or conditions may cause the Company to cease to continue as a going concern • Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Kópavogur, May 7, 2020 Deloitte ehf. Benóní Torfi Eggertsson State Authorized Public Accountant Árni Þór Vilhelmsson State Authorized Public Accountant Examiner’s opinion We signed examiner’s who are elected by members , have reviewed this consolidated financial statement and with reference to the auditor’s report, we propose that it will be approved. Reykjavík, May 7, 2020 Anna Edvardsdóttir Vairis Klavins Examiner Examiner E F L I N G A N N U A L R E P O R T 2 0 1 9 – 2 0 2 0