PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k.
, ul.
Polna 11, 00-633 Warsaw, Poland,
T: +48 (22) 746 4000, F:+48 (22) 742 4040 ,
www.pwc.pl
PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt sp. k. is entered into the National Court Register maintained by the District Court for the
Capital City of Warsaw, under KRS number 0000750050, NIP 526-021-02-28. The seat of the Company is in Warsaw at Polna 11 str.
Independent Registered Auditor’s Report
To the Shareholders and the Board of Directors of Huuuge, Inc.
Report on the audit of financial statements
Our opinion
In our opinion, the accompanying annual separate financial statements:
•
give
a
true
and
fair
view
of
the
financial
position
of
Huuuge,
Inc.
(the
“Company”)
standing
alone
as
at
31
December
2021
and
the
Company’s
performance
and
cash
flows
for
the
year
then
ended
in
accordance
with
the
applicable
International
Financial
Reporting
Standards
as
adopted
by
the
European Union and the adopted accounting policies;
•
comply
in
terms
of
form
and
content
with
the
laws
applicable
to
the
Company
and
the
Company’s
Certificate of Incorporation.
We have audited the annual separate financial statements of Huuuge, Inc. which comprise:
•
the Company’s separate statement of financial position as at 31 December 2021;
and the following prepared for the financial year from 1 January to 31 December 2021:
•
the Company’s separate statement of comprehensive income;
•
the Company’s separate statement of changes in equity;
•
the Company’s separate statement of cash flows, and
•
the notes to the separate financial statements comprising a description of significant adopted
accounting policies and other explanations.
Basis for opinion
We
conducted
our
audit
in
accordance
with
the
National
Standards
on
Auditing
in
the
wording
of
the
International
Standards
on
Auditing
as
adopted
by
the
resolution
of
the
National
Council
of
Statutory
Auditors
(“NSA”)
and
pursuant
to
the
Law
of
11
May
2017
on
Registered
Auditors,
Registered
Audit
Companies
and
Public
Oversight
(the
“Law
on
Registered
Auditors”).
Our responsibilities
under
NSA
are
further
described
in
the
Auditor’s
responsibility
for
the
audit
of
the
financial
statements
section
of
our
report.
We
believe
that
the
audit
evidence
we
have
obtained
is
sufficient
and
appropriate
to
provide
a basis
for
our opinion.
We
are
independent
of
the
Company
in accordance
with
the
International
Code
of
Ethics
for
Professional
Accountants
(including
International
Independence
Standards)
issued
by
the
International
Ethics
Standards
Board
for
Accountants
(IESBA
Code)
as
adopted
by
resolution
of
the
National
Council
of
Statutory
Auditors
and
other
ethical
requirements
that
are
relevant
to
our
audit
of
the
financial
statements
in
Poland.
We
have
fulfilled
our
other
ethical
responsibilities
in
accordance
with
these
requirements
and
the
IESBA
Code.
During
the
audit,
the
key
registered
auditor
and
the
registered
audit
firm
remained
independent
of
the
Company
in
accordance
with
the
independence
requirements
set
out
in the Act on Registered Auditors.
Our audit approach
•
Overall
Company
materiality:
USD
1,379
thousand,
which
represents
1%
of
the
total
assets.
•
We
have
audited
the
annual
separate
financial
statements
of
the
Company
for
the
period ended 31 December 2021.
•
Stabilization option related to IPO
As
part
of
designing
our
audit,
we
determined
materiality
and
assessed
the
risks
of
material
misstatement
in
the
separate
financial
statements.
In
particular,
we
considered
where
the
President
of
the
Company
made
subjective
judgements;
for
example,
in
respect
of
significant
accounting
estimates
that
involved
making
assumptions
and
considering
future
events
that
are
inherently
uncertain.
As
in
all
of
our
audits
we
also
addressed
the
risk
of
management
override
of
internal
controls,
including
among
other
matters,
consideration
of
whether
there
was
evidence
of
bias
that
represented
a
risk
of
material
misstatement due to fraud.
Materiality
The
scope
of
our
audit
was
influenced
by
our
application
of
materiality.
An
audit
is
designed
to
obtain
reasonable
assurance
whether
the
separate
financial
statements
are
free
from
material
misstatement.
Misstatements
may
arise
due
to
fraud
or
error.
They
are
considered
material
if,
individually
or
in
aggregate,
they
could
reasonably
be
expected
to
influence
the
economic
decisions
of
users
taken
on
the basis of the separate financial statements.
Based
on
our
professional
judgement,
we
determined
certain
quantitative
thresholds
for
materiality,
including
the
overall
materiality
for
the
separate
financial
statements
as
a
whole, as
set
out
in
the
table
below.
These,
together
with
qualitative
considerations,
helped
us
to
determine
the
scope
of
our
audit
and
the
nature,
timing
and
extent
of
our
audit
procedures
and
to
evaluate
the
effect
of
misstatements,
if
any, both individually and in aggregate on the separate financial statements as a whole.
Rationale
for
the
materiality
benchmark applied
We
chose
total
assets
as
the
benchmark
because,
in
our
view,
it
is
the
benchmark
against
which
the
performance
of
the
Company
i
s
most
commonly
measured
by
users,
and
is
a
generally
accepted
benchmark
for
entities
being
a
holding
company
with
no
operating
activities.
The
Company
is
a
parent
entity
for
the
Huuuge,
Inc
Group
(the
“Group”)
holding
the
shares
in
subsidiaries
and
performing
a
holding
function.
We
chose
1%
as,
based
on
our
professional
judgment,
it
is
within
the
acceptable quantitative materiality thresholds.
We
agreed
with
the
Audit
Committee
that
we
would
report
to
them
misstatements
identified
during
our
audit
above
USD
69
thousand,
as
well
as
misstatements
below
that
amount
that,
in
our
view,
warranted
reporting for qualitative reasons.
Key
audit
matters
are
those
matters
that,
in
our
professional
judgement,
were
of
most
significance
in
our
audit
of
the
separate
financial
statements
of
the
current
period.
They
include
the
most
significant
identified
risks
of
material
misstatements,
including
the
identified
risks
of
material
misstatement
resulting
from
fraud.
The
Key
Registered
Auditor
responsible
for
the
audit
on
behalf
of
PricewaterhouseCoopers
Polska
spółka
z
ograniczoną
odpowiedzialnością
Audyt
sp.k.,
a
company
entered
on
the
list
of
Registered
Audit
Companies with the number 144., is Paweł Wesołowski.
