The duties of the Committee are stated in the Board’s rules of procedure. The Chairman of the Audit Committee is responsible for ensuring that the entire Board is kept regularly informed regarding the work of the Committee and, where necessary, shall submit matters to the Board for a decision. The main task of the Audit Committee is 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 establishes guidelines as to which additional services the Company may procure from its external auditors. Such additional services, up to a maximum of SEK 100,000 per assignment, must be approved in advance by the Company’s Chief Financial Officer. Assignments in excess of SEK 100,000 must be approved in advance by the Chairman of the Audit Committee. All additional services must be reported to the Audit Committee each quarter.
There is an established risk management process in the Company which is based on processes and flows in production. In this process, the Audit Committee reviews and takes into account the risk areas that have been identified (both commercial risks and risks of errors in the financial reporting).
Work in 2016
During 2016, the Audit Committee focused on SSAB’s financial situation and worked actively on the finance package presented during the year and which included a rights issue, extension of the maturity of existing loans and a new credit facility. The Audit Committee also approved a new policy on which additional services the Company may procure from Company’s auditor. 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.
The Audit Committee’s members were Lars Westerberg (chairman), Bengt Kjell, Annika Lundius and Marika Fredriksson (who took up office after the Annual General Meeting of April 7, 2016). In 2016, the Audit Committee held 5 meetings at which minutes were taken.