Audit
The Supervisory Board, having consulted the Executive Board, will recommend an auditor to the general meeting based on the recommendation of the audit committee.
Every year, the audit committee negotiates an audit agreement with the auditor elected by the general meeting. The audit agreement is submitted for approval at the Supervisory Board meeting.
The Supervisory Board is briefed by the Executive Board if an agreement is made with the auditor elected by the general meeting for material non-auditing services. Furthermore, the auditor reports on any non-accounting services in the letter of recommendation on a ongoing basis.
In addition to the statutory external audit, Solar has a controlling department, that supervises and verifies the internal control of group and subsidiaries. The Controlling Department reports to the Supervisory Board on an ongoing basis. Furthermore, the external auditor reports to the Supervisory Board in the long-form audit report.
At the Supervisory Board meeting at which the annual report is approved, the auditor goes over the annual report with the Supervisory Board. Accounting policies
within the most important areas and important accounting estimates and the appropriateness of these are discussed. In connection with consideration of significant changes to accounting policies or estimates, the Supervisory Board discusses this with the auditor.
In the long-form audit report, the auditor reports the extent and result of the work performed on an ongoing basis. The long-form audit report is presented at every Supervisory Board meeting for discussion and approval. The auditor participates in the Supervisory Board meeting at which the annual report is approved. In addition, the auditor participates in Supervisory Board meetings when necessary.
In 2007, Solar set up an audit committee consisting of Kent Arentoft, Peter Falkenham and Jens Borum. The audit committee meets three times a year. Its main tasks are to:
- Oversee the financial information given in the annual
and quarterly reports and review the overall
information published
- Review and assess Solar's internal controls
- Recommend the nomination of an external auditor to the
Supervisory Board before the Annual General Meeting
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