Audit is an essential governance function for ÅF that oversees ÅF’s compliance with applicable laws, rules and recommendations as well as adopted external and internal governance rules and principles.
The audit work is carried out by the external auditors appointed by the Annual General Meeting, ÅF's Audit Committee as well as internal audit staff within ÅF.
The auditors work for and on behalf of the shareholders to audit the company's accounting records, the annual accounts and the administration of the Board of Directors and the CEO. The auditors are annually proposed by the Nomination Committee for the approval by the Annual General Meeting.
The auditors carry out a full audit of the annual report and the consolidated financial statements and carry out a limited review of the nine-month interim report for the period up to September each year. Examinations are furthermore carried out of ÅF's Corporate Governance Report and of compliance with the guidelines approved by the Annual General Meeting relating to remuneration to senior executives. The auditors attend the meetings of the Audit Committee.
ÅF's current auditor is the accounting firm EY, represented by Hamish Mabon as the appointed auditor in charge.
The Audit Committee is a vital communication link between ÅF's Board and ÅF's auditors. The Audit Committee supports the work of the Board by safeguarding the quality of financial reports and following up the results of the reviews and audits carried out by the external auditors. ÅF's internal audit staff support the Audit Committee in its work.
For a presentation of the Audit Committee's current members, please be referred to the webpage for the Board of Directors.