The Board is responsible for ensuring that Duroc has good internal control and formalized procedures that safeguards the financial reporting, compliance with internal control, and that the company’s financial reporting has been prepared in accordance with law, applicable accounting standards and other requirements of listed companies.
Each year, the Board presents a description of the internal control and risk management with regards to financial reporting, evaluates the need for a dedicated internal audit function each year. The Board of Directors shall ensure that the company’s half-year or nine-month report is reviewed by the company’s auditor. At least once a year, the Board meets with the company’s auditor, without the presence of the CEO or other person from the company management.
Duroc’s Board of Directors has chosen not to designate a special audit committee, but considers it appropriate that the entire board fulfills the tasks of the Audit Committee.
The Audit Committee’s main task is to monitor the company’s financial reporting, monitor the effectiveness of the company’s internal control, internal audit and risk management, keep an eye on the audit of the annual report and consolidated accounts, review and monitor the auditor’s impartiality and independence, paying particular attention to whether the auditor provides the company with services other than audit services, and assist in the preparation of proposals for the AGM’s decision on auditor’s election.
Auditors are elected by the AGM. The auditor reviews Duroc AB’s annual reports, consolidated accounts and bookkeeping, as well as the administration of the Board of Directors and the Managing Director. The auditor’s fee is determined by the AGM.
The 2018 Annual General Meeting resolved to re-elect PriceWaterhouseCoopers AB as auditing company, with Michael Bengtsson as Chief Accountant.