The audit committee consists of Chairman of the board Ulf Wiinberg, Chairman of the committee, Per Olof Wallström and board member Birgit Stattin Norinder.
The primary purpose of the committee is to oversee Hansa Medical's accounting and financial reporting processes and the audits of the financial statements.
As part of its responsibilities, the committee reviews annually the independent auditor’s proposed audit scope and approach, reviews in advance proposed changes in accounting principles and adjustments to financial statements that affect financial reporting, consults with management and our independent auditor regarding compliance with laws and regulations relating to financial matters, and reviews annually the compensation of our independent auditor.
The audit commitee has the following key responsibilities:
- monitor Hansa Medical’s financial reporting for compliance with rules applicable for companies whose shares have been admitted to trading on a regulated market;
- in respect of the financial reporting, monitor the efficiency of Hansa Medical’s internal controls, internal audits and risk management;
- keep itself informed regarding audit of the annual report and group accounts;
- through contacts with Hansa Medical’s auditor or otherwise keep itself informed of changes in applicable accounting and reporting rules and standards and other relevant rules and discuss with Hansa Medical’s auditor how such changes will affect the company,
- review and monitor the impartiality and independence of the auditor and, in conjunction therewith, pay special attention to whether the auditor provides Hansa Medical with services other than auditing services;
- be responsible for establishing procedures to enable the audit committee to report to the board of directors an assessment of the company’s internal controls over its financial reporting;
- regularly meet with the external auditor to understand the extent and focus of the audit and to discuss coordination between external audit and internal review procedures and assessment of risks, at least one of these meetings to be held without presence of CEO, CFO or other member of the Hansa Medical’s management;
- decide guidelines regarding which services other than auditing that the external auditor may provide to Hansa Medical;
- evaluate the external auditor’s work and inform the nomination committee, or if applicable the special auditor nomination committee, of the result of the evaluation; and
- assist the nomination committee in its work to prepare a nomination of external auditor for election at the annual general meeting and a proposal regarding remuneration to the external auditor.