“The audit committee is a body within the company’s Board of Directors whose
role, on behalf of the Board and in accordance with these instructions, is to prepare and submit information to the Board regarding
- i) appointment of auditors and audit fees,
- ii) the company’s financial reporting and internal control,
- iii) risk management,
- iv) external audits and
- v) financial information.”
Until the 2012 AGM, the audit committee is made up of Vice Chairman Carl-Erik Ridderstråle, together with regular Board members Annika Bäremo and
Stefan Erneholm. Through the audit committee, the Board is responsible for oversight and control of systems for internal reporting, internal control and risk management.
This oversight is aimed at safeguarding the Group’s assets and compliance with laws and regulations, and ensuring that the control environment leads to effective operations, as well as ensuring the integrity of the company’s accounting records and the reliability of its financial information and reports.
The audit committee monitors the routines for financial reporting and control,
the work of the auditors, their qualifications and independence, and other
significant issues related to financial reporting. Furthermore, the Board and
the audit committee assist the Group Executive Management in identifying
and evaluating the primary operating risks and ensure that the management
takes measures to address these.
In 2008 a standardised agenda for the committee was adopted. The audit committee met on three occasions during the year. Prominent topics of discussion, aside from planning and reporting of auditing activities, included the companies’ pension plans and internal control.