The Audit Committee complies with established rules of procedure which are adopted annually by the Board of Directors. The chairman of the Audit Committee is responsible for ensuring that the entire board as is kept regularly informed as to the work of the Committee and, where necessary, shall submit matters to the Board for a decision. The main duties of the Audit Committee are to support the Board in the work of ensuring the quality of the financial reporting. The Committee regularly meets the Company’s auditors, evaluates the audit work and established guidelines as to which additional services the Company may procure from the external auditors. Such additional services up to a maximum of SEK 100,000 per engagement must be approved in advance by the Company’s CF0. Engagements in excess of SEK 100,000 must be approved in advance by the Chairman of the Audit Committee. All additional services must be reported regularly to the Audit Committee each quarter. There is an established risk management process in the Company which is based and structured on processes and flows in production. In this process, the Audit Committee reviews and takes into account the risks that have arisen (both commercial risks and risks of errors in the financial reporting). Based on the result of the internal and external risk assessment, the Committee regularly discusses the focus and scope of the audit with the Company’s internal and external auditors.
In 2011, the Audit Committee further developed and improved the presentation of the external financial reporting. The Audit Committee, together with the external auditors, reviewed and analyzed the risk analysis and audit plan prepared by the auditors as a basis for the statutory audit.
During 2011, the Audit Committee held four meetings at which minutes were taken.
The Audit Committee comprises Anders G Carlberg (Chairman), Sverker Martin-Löf and Annika Lundius.