The Audit Committee is not authorised to reach decisions independently. Reporting to the Board on issues considered at Audit Committee meetings is either in writing or orally at the following Board meeting.
In the year, the members of the Audit Committee were Anna Belfrage and Charlotte Stjerngren.
The duties of the Audit Committee are to:
- Work on quality-assuring financial reporting.
- Discuss the audit and the view of the company’s risks with the Auditor.
- Follow up on external Auditors’ reviews and appraise their work.
- Set guidelines for services in addition to auditing that the company may purchase from the Auditor.
- Support the Nomination Committee in preparing proposals for Auditors and their remuneration.
- Ensure that the company has systems for internal control.
The Audit Committee has a close and regular collaboration with the group’s corporate finance function regarding internal and external reporting of financial information. There is also a collaboration developed on matters of internal control, selection and appraisal of auditing principles and models.
In the financial year 2020, the Audit Committee monitored compliance with the adopted guidelines and held three meetings, with the company’s Auditors, to discuss audit issues and internal controls. The Auditors’ written reports were distributed to the Board of Directors after review and comments from the company.
The following main issues were considered:
- Following up on the Auditor’s reporting on the financial statement and ongoing reviews.
- Appraisal of the Auditor’s measures during the year.
- Following up on the internal audit function’s review in the year. The focus has been on valuations of inventories, accounts receivable—trade and goodwill, and auditing foreign subsidiaries.