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).
During 2018, the Audit Committee held 7 meetings at which minutes were taken.
At the statutory meeting of the Board in connection to the AGM on April 8, 2019, Marika Fredriksson (chairman), Bengt Kjell, Bo Annvik and Marie Grönborg were appointed as members of the Audit Committee.