BDO spółka z ograniczoną odpowiedzialnością sp.k.
ul. Postępu 12
02-676 Warszawa
Polska
tel.: +48 22 543 16 00
fax: +48 22 543 16 01
e-mail: office@bdo.pl
www.bdo.pl
BDO spółka z ograniczoną odpowiedzialnością spółka komandytowa, Sąd Rejonowy dla m. st. Warszawy, XIII Wydział Gospodarczy, KRS: 0000729684,
REGON: 141222257, NIP: 108-000-42-12. Wartość wkładu kapitałowego wynosi 10.037.500 zł. Biura BDO w Polsce: Katowice 40-007,
ul. Uniwersytecka 13, tel.:+48 32 661 06 00, katowice@bdo.pl; Kraków 31-548, al. Pokoju 1, tel.: +48 12 378 69 00, krakow@bdo.pl; Poznań 60-650,
ul. Piątkowska 165, tel.:+48 61 622 57 00, poznan@bdo.pl; Wrocław 53-332, ul. Powstańców Śląskich 7a, tel.: +48 71 734 28 00, wroclaw@bdo.pl
BDO spółka z ograniczoną odpowiedzialnością spółka komandytowa jest członkiem BDO International Limited, brytyjskiej spółki i częścią
międzynarodowej sieci BDO, złożonej z niezależnych spółek członkowskich.
This document is a translation.
The Polish original should be referred to in matters of interpretation.
Independent Auditor’s Report
to the General Meeting and Supervisory Board of Asseco Poland S.A.
Report on the Audit of the Year-end Consolidated Financial Statements
Opinion
We have audited the year-end consolidated financial statements of the group, where the parent company
is Asseco Poland S.A. (“the Parent Company”, “the Group”), which comprise the consolidated balance
sheet as at 31 December 2024, the consolidated statement of profit or loss and other comprehensive
income, the consolidated statement of changes in equity and the consolidated statement of cash flows
for the period from 1 January to 31 December 2024, as well as notes to the consolidated financial
statements including a description of significant accounting policies and other explanations
(“the consolidated financial statements”).
In our opinion, the accompanying consolidated financial statements:
− give a true and fair view of the Group’s consolidated financial position as at 31 December 2024, as
well as of its consolidated financial result and consolidated cash flows for the year then ended, in
accordance with the applicable International Financial Reporting Standards endorsed by the European
Union, as well as the adopted accounting methods (policies);
− are consistent, in content and in form, with the applicable laws and regulations and with the Parent
Company’s Statute.
The present opinion is consistent with the additional report to the Audit Committee, which we issued on
27 March 2025.
Basis for Opinion
We conducted our audit in accordance with National Standards on Auditing in the wording of International
Standards on Auditing adopted by resolution of the National Council of Certified Auditors ("NSA"), and in
compliance with the Act of 11 May 2017 on Certified Auditors, Audit Firms and on Public Oversight
(“the Certified Auditors Act” – 2024 Journal of Laws, item 1035 with subsequent amendments) and
Regulation (EU) No. 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific
requirements regarding statutory audit of public-interest entities and repealing Commission Decision
2005/909/EC (“Regulation EU” – OJ L 158 of 27 May 2014, p. 77, with subsequent amendments). Our
responsibilities under those standards are further described in the Responsibilities of the Auditor for the
Audit of the Consolidated Financial Statements section of this report.
We are independent of the Group’s companies in accordance with the International Code of Ethics for
Professional Accountants (including International Independence Standards) of the International Ethics
Standards Board for Accountants ("IESBA Code") adopted by Resolution No. 3431/52a/2019 of the National
Council of Certified Auditors of 25 March 2019, as well as with other ethical requirements relevant to
the audit of financial statements in Poland. We have fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code. During the audit, the auditor in charge and the
audit firm remained independent of the Group’s companies in accordance with the independence
requirements laid down in the Certified Auditors Act and Regulation EU.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
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Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of the most significance in
the audit of the consolidated financial statements for the current reporting period. They include the
most significant assessed types of risks of material misstatements, including assessed types of risks of
material misstatements resulting from fraud. We addressed these matters in the context of our audit of
the consolidated financial statements as a whole and in forming our opinion thereon, and have
summarized our response to these types of risks, and where relevant, presented our key observations
relating to those risks. We do not express a separate opinion on these matters.
Revenue from Contracts with Customers
The Group’s sales revenue for the financial year ended 31 December 2024 amounted to PLN 17.132,0
million. The Group’s revenue from the sale of software and services that cover IT implementation
contracts and maintenance and warranty services is recognized throughout the period based on the
percentage of completion in accordance with IFRS 15 Revenue from Contracts with Customers.
The value of revenue recognized by the Group in the period from the sale of software and supply of
services equals to PLN 13.486,9 million, which accounts for 78,7% of its total revenue.
The Group accounts for revenue from the sale of IT implementation contracts using the percentage of
completion method, where the percentage of completion is measured as a proportion of the costs
incurred up until the balance sheet date to the estimated total costs, and for maintenance and warranty
services, in proportion to the period over which they are supplied.
The matter has been classified as a key audit matter due to the material value of revenue recognized
while satisfying performance obligations, as well as the complex nature of the measurement process
based on significant Management estimates.
Disclosures in the Financial Statements
The Group’s accounting policy and key numerical disclosures on this key audit matter relating to the
recognition of revenue from the sale of software and services are presented in Note 5.1 “Sales revenue
structure”, as well as in Notes 6.8 and 6.19 “Receivables and assets from contracts with customers” and
“Accruals and deferred income” to the consolidated financial statements.
Audit Procedures Performed in Response to the Risk
Our audit procedures included in particular:
− reviewing the Group’s accounting policies on revenue recognition;
− performing procedures to obtain an understanding of and evaluate the internal controls the Group
has implemented with regard to revenue recognition;
− during the audit we also performed the following procedures in response to the identified risk:
▪ we evaluated how the budgets used to determine the amount of revenue are analyzed and
updated, as well as ultimately approved,
▪ we analyzed the mathematical correctness of the calculation and measurement of revenue
recognized using the percentage of completion method for mutual consistency,
▪ for unfinished contracts with a high cost commitment we checked the calculation of the
percentage of work completion as at the balance sheet date, the value of recognized revenue,
the reconciliation of contract assets with the books of account and the recognition of deferred
tax assets, as well as assessed the risk of performance delays and the completeness of provisions
for contract losses, if any,
▪ for a sample of the contracts, we evaluated material changes in revenue estimates in the course
of the financial year, obtaining relevant explanations from those responsible for monitoring their
performance, as well as performed detailed procedures to compare the data recorded in the
contract sheets with the contracts with customers,
▪ we verified the completeness of unfinished contract measurements performed as at the balance
sheet date,
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− we performed procedures to evaluate the accuracy of time recognition of revenue;
− we evaluated the accuracy and completeness of the required disclosures in the consolidated
financial statements.
Impairment of Goodwill
The value of goodwill recognized in the Group’s balance sheet as at 31 December 2024 equals to PLN
6.223,4 million, which constitutes 30,6% of its total assets and liabilities and is material to the
consolidated financial statements.
In accordance with the provisions of IAS 36 Impairment of Assets, the Parent Company was required to
perform an annual goodwill impairment test.
The impairment test was a key audit matter due to the value of the goodwill, as well as the estimated
nature of the goodwill impairment test, which is based on significant assumptions and estimates made
by the Parent Company’s Management, such as future revenue, costs and cash flows, the weighted
average cost of capital (WACC).
Disclosures in the Financial Statements
The Group’s accounting policies applied to the estimates adopted in connection with impairment testing
and the key test assumptions are presented in Note 6.4 “Goodwill” and Note 5.5 “Impairment tests” to
the financial statements.
Audit Procedures Performed in Response to the Risk
Our audit procedures included in particular:
− reviewing the Group’s accounting policies regarding the allocation of goodwill to cash generating
units and annual impairment tests,
− verifying whether changes have been made in the approach to goodwill impairment estimates
compared to the previous year,
− verifying the impairment tests performed on the cash generating units to which goodwill has been
allocated, performing a critical assessment of the impairment testing process, the accuracy of
identification of the cash generating units, the key test assumptions, the mathematical correctness
of the tests, the discount rates applied, as well as analyzing the sensitivity of the tests to the inputs
of the model,
− evaluating the accuracy and completeness of the required disclosures in the financial statements,
− assessing the impact of subsequent events on estimates made as at the balance sheet date.
Other Matter – Scope of the Audit
The Group’s consolidated financial statements for the financial year ended 31 December 2023 have been
audited by an auditor acting on behalf of another audit firm, who expressed an unmodified opinion on
those financial statements on 27 March 2024.
Responsibilities of the Parent Company’s Management and Supervisory Board for the Consolidated
Financial Statements
The Parent Company’s Management is responsible for the preparation of the consolidated financial
statements that give a true and fair view of the Group’s financial position and financial result in
accordance with International Financial Reporting Standards endorsed by the European Union, the
adopted accounting methods (policies), the applicable binding regulations and the Statute. The Parent
Company’s Management is also responsible for such internal controls as it considers necessary to ensure
that the consolidated financial statements are free from material misstatements resulting from fraud or
error.
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In preparing the consolidated financial statements the Parent Company’s Management is responsible for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, any matters related
to going concern and using the going concern basis of accounting, except in situations where the
Management intends to either liquidate the Group or discontinue its operations, or has no realistic
alternative but to do so.
The Parent Company’s Management and members of the Parent Company’s Supervisory Board are
required to ensure that the consolidated financial statements meet the requirements of the Accounting
Act of 29 September 1994 (“the Accounting Act” – 2023 Journal of Laws, item 120 with subsequent
amendments). Members of the Parent Company’s Supervisory Board are responsible for overseeing the
financial reporting process.
Responsibilities of the Auditor for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatements due to fraud or error, and to issue an independent
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not
a guarantee that an audit conducted in accordance with NSA will always detect an existing material
misstatement. Misstatements can arise from fraud or error and are considered material if it could be
reasonably expected that they, individually or in the aggregate, could influence the economic decisions
of users made on the basis of these consolidated financial statements.
The concept of materiality is applied by the auditor at the planning stage and when performing the audit
and evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if
any, on the financial statements, as well as when formulating the auditor’s opinion. In view of the above,
all of the opinions and statements contained in the auditor’s report are expressed subject to the
qualitative and quantitative level of materiality set in accordance with the applicable standards on
auditing and the auditor’s professional judgement.
The scope of the audit does not include an assurance regarding the Group’s future profitability, or
regarding the effectiveness of the Parent Company’s Management in the handling of the Group’s affairs
now or in the future.
Throughout an audit in accordance with NSA, we exercise professional judgement and maintain
professional skepticism, as well as:
− identify and assess the risks of a material misstatement of the consolidated financial statements
resulting from fraud or error, design and perform audit procedures in response to such risks and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than the risk of not detecting a
material misstatement resulting from error, because fraud may involve collusion, forgery, deliberate
omission, misrepresentation or override of internal controls;
− obtain an understanding of the internal controls relevant to the audit in order to plan our audit
procedures, but not to express an opinion on the effectiveness of the Group’s internal controls;
− evaluate the appropriateness of the accounting policies used and the reasonableness of the estimates
and related disclosures made by the Parent Company’s Management;
− conclude on the appropriateness of the Parent Company Management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether material uncertainty exists related
to events or conditions that may cast significant doubt on the Group’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 consolidated 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
Group to cease to continue as a going concern;
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− evaluate the overall presentation, structure and contents of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation;
− obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group in order to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the Group’s audit
and remain solely responsible for our audit opinion.
We provide the Audit Committee of the Parent Company’s Supervisory Board with information about,
among others, the planned scope and timing of the audit and significant audit findings, including any
significant weaknesses of internal controls that we identify during our audit
We provide the Audit Committee of the Parent Company’s Supervisory Board with a statement that we
have complied with the relevant ethical requirements relating to independence, and that we will
communicate to them all relationships and other matters that may reasonably be considered to constitute
a threat to our independence, and where applicable, inform them of the related safety measures.
From the matters communicated to the Audit Committee of the Parent Company’s Supervisory Board we
determined those matters that were of the most significance to the audit of the consolidated financial
statements for the current reporting period and were therefore chosen as key audit matters. We describe
these matters in our auditor’s report, unless law or regulations prohibit their public disclosure or when,
in exceptional cases, we find that a given matter should not be presented in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such information.
Other Information, Including Report on Activities
The other information comprises a report on the activities of the Parent Company and the Group for the
financial year ended 31 December 2024 (“the Report on Activities”) along with a statement on corporate
governance and the Group’s sustainability reporting, which constitute separate sections of the Report on
Activities, as well as the Annual Report for the financial year ended 31 December 2024 (“the Annual
Report”).
The other information also includes a letter from the President of the Parent Company’s Management
Board, a representation letter from the Parent Company’s Management, information of the Parent
Company’s Management on appointing an audit firm, which we received prior to signing this auditor’s
report, as well as statements from the Parent Company’s Supervisory Board, which we expect to receive
after signing this auditor’s report (together “the Other Information”).
In accordance with Article 55 par. 2a of the Accounting Act, the report on the activities of the Asseco
Group and the Company Asseco Poland S.A. for the year 2024, was prepared as a single document.
Responsibilities of the Parent Company’s Management and Supervisory Board
The Parent Company’s Management is responsible for the preparation of the Other Information in
accordance with binding regulations.
The Parent Company’s Management and members of its Supervisory Board are required to ensure that
the Report on Activities along with its separate sections, meets the requirements of the Accounting Act.
Responsibilities of the Auditor
Our opinion on the consolidated financial statements does not cover the Other Information. In connection
with our audit of the consolidated financial statements, our responsibility is to read the Other
Information and, in doing so, consider whether it is materially inconsistent with the consolidated financial
statements or with our knowledge obtained during the audit, or otherwise appears to be materially
misstated. If based on the work we have performed, we find a material misstatement of the Other
Information, we are required to state this fact in our auditor’s report.
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We have nothing to report regarding the Other Information.
In accordance with the requirements of the Certified Auditors Act, it is also our responsibility to issue an
opinion about whether the Report on Activities, to the extent it does not relate to sustainability
reporting, has been prepared in accordance with binding regulations, and whether it is consistent with
the information presented in the consolidated financial statements. We are also required to issue an
opinion on whether the Group’s statement on corporate governance contains the required information.
We received the Report on Activities prior to issuing this auditor’s report, whereas the Annual Report
will be available after this date. In the event that we find a material misstatement in the Annual Report,
we are required to communicate this to the Parent Company’s Supervisory Board.
Opinion on the Report on Activities
Based on the work we performed during the audit, in our opinion the Report on Activities:
− has been prepared in accordance with Article 49 of the Accounting Act and par. 71 of the Minister’s
of Finance Decree of 29 March 2018 on the current and periodic information reported by the issuers
of securities and on the conditions for recognizing as equally valid the information required by the
regulations of a state that is not a member state (“the Current Information Decree” – 2018 Journal of
Laws, item 757 with subsequent amendments),
− is consistent with the information presented in the consolidated financial statements.
Furthermore, based on our knowledge obtained during the audit about the Group and its environment
we have identified no material misstatements in the Report on Activities.
Information on Sustainability Reporting and Sustainability Assurance
The Group’s sustainability report referred to in Chapter 6c of the Accounting Act, constituting a separate
section of the Report on Activities, is the subject of a separate assurance engagement performed by our
audit firm and an auditor other than the one who audited the consolidated financial statements.
Opinion on the Statement on Corporate Governance
In our opinion, the Group’s Statement on Corporate Governance contains all of the information specified
in paragraph 70 section 6 point 5 of the Current Information Decree. In addition, in our opinion, the
information indicated in paragraph 70 section 6 point 5 letters c-f, h and letter i of the Decree, contained
in the Statement on Corporate Governance is consistent with the applicable regulations and with the
information presented in the consolidated financial statements.
Report on Other Legal and Regulatory Requirements
Opinion on the compliance of the markup of the consolidated financial statements prepared in a
single electronic reporting format with the requirements of the regulation on technical standards on
the specification of a single electronic reporting format
In connection with our audit of the consolidated financial statements we were engaged to perform a
reasonable assurance engagement to express an opinion on whether the consolidated financial
statements of the Group prepared as at and for the financial year ended 31 December 2024 in a single
electronic reporting format and contained in the file entitled GrupaACP-2024-12-31-pl (“consolidated
financial statements in the ESEF format”) have been marked up in accordance with the requirements
specified in the Commission Delegated Regulation (EU) 2018/815 of 17 December 2018 supplementing
Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical
standards on the specification of a single electronic reporting format (OJ L 143 of 29 May 2019, p. 1,
with subsequent amendments) (the “ESEF Regulation”).
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Identification of the Applicable Criteria and Subject Matter
The consolidated financial statements in the ESEF format have been prepared by the Parent Company’s
Management in order to meet the markup requirements and the technical requirements on the
specification of a single electronic reporting format set out in the ESEF Regulation.
The subject matter of the assurance engagement is the compliance of the markup of the consolidated
financial statements in the ESEF format with the requirements of the ESEF Regulation and, in our view,
the requirements set out in those regulations constitute appropriate criteria for our opinion.
Responsibilities of the Parent Company’s Management and Supervisory Board
The Parent Company’s Management is responsible for the preparation of the consolidated financial
statements in the ESEF format in accordance with the markup requirements and technical requirements
on the specification of a single electronic reporting format set out in the ESEF Regulation. This
responsibility includes the selection and application of appropriate XBRL markups, using the taxonomy
referred to in these regulations.
The Parent Company’s Management is also responsible for designing, implementing and maintaining an
internal control system to ensure that the consolidated financial statements prepared in the ESEF format
are free from material incompliance with the ESEF requirements.
Members of the Parent Company’s Supervisory Board are responsible for overseeing the financial
reporting process, which includes the preparation of financial statements in compliance with the format
arising out of binding legal regulations.
Responsibilities of the Auditor
Our objective was to express an opinion, based on the reasonable assurance engagement, on whether
the consolidated financial statements in the ESEF format have been marked up in accordance with the
requirements of the ESEF Regulation.
We conducted the engagement in accordance with National Standard on Assurance Engagements Other
than Audits and Reviews 3001PL “Audit of Financial Statements Prepared in a Single Electronic Reporting
Format” (hereinafter: “KSUA 3001PL”) and, where applicable, in accordance with National Standard on
Assurance Engagements Other than Audits and Reviews 3000 (Z) in the wording of International Standard
on Assurance Engagements 3000 (Revised) – “Assurance Engagements Other than Audits or Reviews of
Historical Financial Information” adopted by resolution No. 3436/52e/2019 of the National Council of
Certified Auditors of 8 April 2019, with subsequent amendments (hereinafter: “KSUA 3000 (Z)”).
The standard requires us to plan and perform our procedures to obtain reasonable assurance that the
consolidated financial statements in the ESEF format have been prepared in accordance with the
applicable criteria.
Reasonable assurance is a high level of assurance, but it is not a guarantee that an engagement performed
in accordance with KSUA 3001PL and, where applicable, with KSUA 3000 (Z), will always detect an
existing material misstatement.
Procedures are selected based on the auditor’s judgement, including the auditor’s assessment of the risk
of material misstatements resulting from fraud or error. In assessing such risk, the auditor considers the
internal control relevant to the preparation of the consolidated financial statements in the ESEF format,
in order to plan procedures that will allow the auditor to obtain sufficient and appropriate evidence in
the circumstances. The internal control system is not assessed for the purpose of expressing an opinion
on the effectiveness of its operation.
Summary of the Work Performed
Our planned and performed procedures included:
− obtaining an understanding of the process of preparing the consolidated financial statements in the
ESEF format, including the Parent Company’s process of selecting and applying the XBRL markups and
ensuring compliance with the ESEF Regulation, as well as an understanding of the internal control
system relevant to that process;
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− agreeing the marked up information contained in the consolidated financial statements in the ESEF
format with the audited consolidated financial statements;
− with the use of specialized IT tools, assessing compliance with the technical standards on the
specification of a single electronic reporting format,
− assessing the completeness of marking up the information in the consolidated financial statements in
the ESEF format with XBRL markups;
− evaluating whether the applied XBRL markups from the taxonomy specified in the ESEF Regulation
have been applied correctly and whether taxonomy extensions have been created in situations when
no suitable elements have been identified in the core taxonomy specified in the ESEF Regulation;
− evaluating the correctness of embedding the created taxonomy markups in the core taxonomy
specified in the ESEF Regulation.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion on the compliance of the markup with the requirements of the ESEF Regulation.
Ethical Standards, Including Independence
While performing the engagement the auditor and the audit firm complied with independence and other
ethical standards set out in the IESBA Code. The IESBA Code is based on the fundamental principles of
integrity, objectivity, professional competence and due care, confidentiality and professional conduct.
We have also complied with other independence and ethical requirements applicable to this assurance
engagement in Poland.
Quality Control Standards
As an audit firm we apply National Standard on Quality Control 1 in the wording of International Standard
on Quality Management (PL) 1 – “Quality Management for Firms that Perform Audits or Reviews of
Financial Statements or Other Assurance or Related Services Engagements” adopted by the Council of
the Polish Agency for Audit Oversight in Resolution No. 38/I/2022 of 15 November 2022, which requires
us to design, implement and maintain a system of quality management, including policies and procedures
relevant to compliance with ethical requirements, professional standards and the applicable legal and
regulatory requirements.
Opinion on Compliance with the Requirements of the ESEF Regulation
As the auditor’s opinion has been formulated based on the matters described above, the opinion should
be read in consideration of those matters.
In our opinion, the consolidated financial statements in the ESEF format have been marked up, in all
material respects, in accordance with the requirements of the ESEF Regulation.
Declaration on the Provision of Non-Audit Services
To the best of our knowledge and belief we declare that any non-audit services we have provided to the
Group were consistent with the law and the regulations binding in Poland, and that we have not provided
any non-audit services prohibited by virtue of Article 5 par. 1 of Regulation EU and Article 136 of the
Certified Auditors Act. The non-audit services we have provided to the Group in the audited period are
listed in Note 9.4 to the consolidated financial statements.
Appointment of the Auditor
We were appointed as auditors of the Group’s consolidated financial statements in a resolution passed
by the Parent Company’s Supervisory Board on 21 December 2022. We have audited the Group’s
consolidated financial statements for the first time.
The auditor in charge of the audit resulting in this independent auditor’s report is Marcin Krupa.
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BDO spółka z ograniczoną odpowiedzialnością sp.k. with its registered office in Warsaw
entered on the list of audit firms in number 3355
on behalf of which the audit of the financial statements was performed by the auditor in charge
Kraków, 27 March 2025
/Signed with a qualified electronic signature on the Polish original/
Marcin Krupa
Certified Auditor
Registration No. 11142