The Board of Directors decides on the operating model for the Company’s internal audit and the Charter of the internal audit. Upon decision of the Board, the Company’s internal auditing is outsourced to an external service provider, which reports on its findings to the Audit Committee. The objective of the internal auditing is to monitor and evaluate the operation of processes as well as the appropriateness and effectiveness of the risk management, control, management and governance and the financial reporting of the Company in an independent manner. The auditing is based on risk analyses, as well as risk management and control discussions conducted with the Group’s and business areas’ management. Meetings with the Auditor are arranged on a regular basis in order to ensure sufficient audit coverage and to eliminate overlapping operations. The audit areas and audit plan of the internal audit are decided annually by the Audit Committee and approved by the Board.
According to the Articles of Association, the Company has one auditor, which shall be an approved audit firm. The auditor’s term shall cover the financial year. The auditor is elected annually by the Annual General Meeting for a term that expires at the end of the next Annual General Meeting following the election. The task of the auditor is to audit the consolidated financial statements, the financial statements of the parent company, the accounting of the Group and the parent company and the administration of the parent company. The Company’s auditor submits the auditors’ report to the shareholders in connection with the annual financial statements, as required by law, and submits regular reports on its findings to the Audit Committee of the Board.