After the 2016 Annual General Meeting Charlotte Strömberg (chairman), Jonas Wiström and Ulla Litzén are members of the Committee. Bolagets revisor har deltagit vid fyra revisionsutskottsmöten under 2016. The Audit Committee held six minuted meetings. The Committee’s minutes have been kept by the Board’s secretary, attorney Ingrid Westin Wallinder. The Audit Committee has both an advisory and preparatory function for decision matters prior to review and decision by Ratos's Board.
The duties of the Audit Committee
Annually the Audit Committee adopts an annual cycle for its working duties and areas for which the Audit Committee is responsible. In 2016, the fiscal cycle together with the Audit Committee’s work plan were reviewed due to new regulations such as the EU’s audit reforms and amendments in the Swedish Companies Act that came into force in 2016. The Audit Committee is responsible for and monitors according to an adopted schedule among other things accounting and reporting, audit, internal control, corporate governance, risk management, sustainability, financial policy, investment decisions, insurance, disputes and strategic accounting issues as well as compliance with rules and regulations. In 2016, the Audit Committee also evaluated and modified its work which more closely follows Ratos’s interim reporting and restructured its work on valuation issues and impairment testing, which resulted in a plan with five regular meeting every year and the auditor will hereafter participate in all Committee meetings. Issues articularly addressed in 2016 included valuation and impairment issues. The CEO and senior executives normally participate in the meetings of the committee as rapporteur.
The main duties of the Audit Committee are as follows:
- monitor the financial reporting and submit recommendations and proposals to secure the accuracy of the reports
- with regard to the financial reporting, monitor the efficiency of the company’s internal control, internal audit and risk management.
- consider valuation issues and assessments in closing accounts
- keep itself informed about the audit of the annual accounts and consolidated financial statements and the Supervisory Board of Public Accountants’s quality control, as well as review the audit process
- review and monitor the auditor’s impartiality and independence and thereby giving particular attention if the auditor provides the company with other services than audit services
- issue guidelines for services other than audits that are provided by the auditor and, when applicable, aprove such service in accordance with such guidelines
- assist with preparation of a proposal for a general meeting resolution on election of auditors as well as decision relating to fees to auditors
- ensure that the Group's Interim Report for January-June is reviewed by the Group's auditor
- discuss and prepare Board decisions regarding risk, sustainability and internal control.
The Audit Committee provides continuous oral reports to the Board and submits proposals on issues that require a Board decision.
Minutes are made available to all members of the Board. The Chairman of the Committee maintains regular contact with the company's auditor.