True and fair view pursuant to joint stock company law

The principle of true and fair view is an important principle in the preparation and audit of the financial statements of corporations in commercial law. This policy is the purpose of financial reporting and auditing. The true and fair view principle is to reflect the financial situation and operating results of the corporations at the end of the operating period in a clear, truthful and faithful manner, in a transparent and reliable manner that is complete, understandable, comparable, appropriate to the needs and the nature of the business. The independent auditor inspects that this obligation belonging to the company's board of Directors has been fulfilled and gives its opinion in the audit report. The true and fair view is a liability of the Board of directors in the ongoing process with the preparation of financial statements and annual financial reports starting with the retention of accounting. In this process, it is important to keep the books in accordance with the substance over from, to make a fair valuation and prepare the annual balance sheet. Failure to fulfill this obligations by the board of directors of the corporations will result in the legal responsibility of the board of directors. In addition, cancellation of decisions taken based on financial statements that do not give an honest picture in the general assembly can be requested from the court. Under the inspection of the corporation, the independent auditor is obliged to supervise the true and fair view of the company's financial statements and financial status, and gives the opinion of the true and fair view in the special section of the audit report. Failure to comply with this obligation also leads to the legal responsibility of both the independent auditing company and the independent auditor.