Auditors

The Group’s auditors are appointed by the Shareholders’ Meeting for a term of one year. The auditors are responsible for auditing the Group’s accounts, financial statements and administration. The details of these duties are contained in the relevant legislation and regulations covering good auditing practices. The auditors participate in the Annual Meeting of the Board of Directors devoted to consideration of the Group’s Financial Statements and to meetings of the Audit Committee.

Internal audit

Internal audit evaluates the efficiency and suitability of different operations and monitors the functioning of internal control. It is to make sure that financial and operative reporting is reliable and that the approved operating principles and given instructions are complied with. Internal audit drafts an annual audit plan, the results of which are regularly reported to the Group Management, auditors and the Audit Committee. Internal Audit reports to the Audit Committee.