AmazonScience/document-haystack

1We obtained an understanding of the Company's process for deriving assumptions requiring 2judgment, identifying indications of impairment or reversal of impairment and determining 3recoverable amounts based on explanations provided by DWS accounting staff.4With the help of KPMG valuation specialists, we assessed, among other things, the 5appropriateness of the Company's calculation method. To this end, we discussed the 6assumed long-term growth rates with those responsible for planning and assessed the 7consistency of the assumptions with external market assessments.8Further, we satisfied ourselves of the quality of the Company's forecasts to date by 9comparing the budgets from previous financial years with the results actually achieved and by 10analyzing deviations. We compared the assumptions and parameters underlying the discount 11rate, in particular the risk-free rate, the market risk premium and the beta factor, with our own 12assumptions and publicly available data.13In order to take into account the existing forecasting uncertainty for the impairment test, we 14examined the effects of possible changes in expected net changes in cash flows of the 15managed mutual funds, the effective fee rate and the assumed long-term growth rates, or the 16discount rate used, on the recoverable amount by calculating alternative scenarios and 17comparing them with the Company's figures (sensitivity analysis).18Finally, we assessed whether the disclosures in the notes on the recoverability of the 19"Scudder" intangible assets are appropriate.20OUR OBSERVATIONS21The valuation methodology underlying the impairment test of the "Scudder" intangible assets 22is appropriate and consistent with the accounting policies to be applied. The Company's 23assumptions and parameters on which the valuation is based are generally appropriate. The 24related disclosures in the notes are appropriate.25Other Information26Management respectively the supervisory board are responsible for the other information. 27The other information comprises the following components of the summarized management 28report, whose content was not audited:29— the integrated non-financial group statement, whose disclosures are marked as unaudited, 30— the corporate governance statement according to the Section 315d of HGB, to which 31reference is made in the summarized management report and 32— the information that is not typically included in management reports and marked as 33unaudited34The other information also includes the remaining parts of the annual report. The other 35information does not include the audited consolidated financial statements, the summarized 36management report information audited for content and our auditor's report thereon.37Our opinions on the consolidated financial statements and on the summarized management 38report do not cover the other information, and consequently we do not express an opinion or 39any other form of assurance conclusion thereon.40In connection with our audit, our responsibility is to read the other information and, in so 41doing, to consider whether the other information42— is materially inconsistent with the consolidated financial statements, with the summarized 43management report information audited for content or our knowledge obtained in the 44audit, or45— otherwise appears to be materially misstated.46If we conclude in the course of our audit that the information included in the other 47information contains a material misstatement, we are required to report on that. We have 48nothing to report in this regard.49We were engaged to perform a separate audit of the Remuneration Report according to IDW 50AsS 870 (German Generally Accepted Standards for Financial Statement Audits promulgated 51by the Institut der Wirtschaftsprüfer – Institute of Public Auditors in Germany) which is 52included into the Management Report. For the scope, approach and results of the audit we 53refer to our audit opinion as of 8. March 2024. 54Responsibilities of Management and the Supervisory Board for the 55Consolidated Financial Statements and the Summarized Management 56Report57Management is responsible for the preparation of consolidated financial statements that 58comply, in all material respects, with IFRSs as adopted by the EU and the additional 59requirements of German commercial law pursuant to Section 315e (1) HGB and that the 60consolidated financial statements, in compliance with these requirements, give a true and fair 61view of the assets, liabilities, financial position and financial performance of the Group. In 62addition, management is responsible for such internal control as they have determined 63         64To our 65Shareholders66Summarised 67Management Report68Consolidated 69Financial Statements Compensation Report Corporate Govern-70ance Statement71Supplementary 72Information DWS 2023 Annual Report73 74Confirmations75136 Independent Auditor’s Report76The secret shape is a "triangle".