LOM 2023 Annual Report - Report - Page 30
LOM
2021 ANNUAL REPORT
Deloitte Ltd.
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P.O. Box HM 1556
Hamilton HM FX, Bermuda
Tel: +1 (441) 292 1500
Fax: +1 (441) 292 0961
www.deloitte.com
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors and Shareholders of
LOM Financial Limited:
Opinion
We have audited the consolidated financial statements of LOM Financial Limited and its subsidiaries (the “Company”), which
comprise the consolidated balance sheets as of December 31, 2021 and 2020, and the related consolidated statements of
operations, changes in shareholders’ equity, and cash flows for the years then ended, and the related notes to the consolidated
financial statements (collectively referred to as the “financial statements”).
In our opinion, the accompanying consolidated financial statements referred to above present fairly, in all material respects,
the financial position of LOM Financial Limited and its subsidiaries as of December 31, 2021 and 2020, and the results of its
operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United
States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS).
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of
internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in
the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date
that the financial statements are available to be issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with
GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in
the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
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