Auditors

DNB's auditors

The statutory auditor annually submits a plan for the audit to the Audit Committee. Guidelines have been drawn up in respect of relations with the statutory auditor, including restrictions on what additional services can be undertaken, approval of fees and guidelines to invite tenders for external audit services. The audit partner responsible for carrying out the audit can hold this responsibility for maximum seven years and tenders will normally be invited every seventh year. The Audit Committee submits a recommendation regarding the choice of statutory auditor to the Board of Directors, which submits a recommendation to the general meeting. The Committee submits a recommendation regarding the statutory auditor's remuneration to the Board of Directors, which presents the remuneration proposal to the Annual General Meeting for approval. At least once each quarter, the Committee has separate meetings with the auditors on behalf of the Board of Directors without any representatives from management present. The statutory auditor must provide a report to the Audit Committee on the main features of the audit carried out in the previous accounting year, including particular mention of any material weaknesses identified in internal control relating to the financial reporting process. The auditor must also provide the committee with:

  • An annual written confirmation of the auditor's independence
  • Information on services other than statutory audit provided to the company during the course of the financial year 
  • Information on any threats to the auditor's independence, and documentary evidence of the measures implemented to combat such threats. The Audit Committee evaluates the work performed by the statutory auditor on an annual basis.