15.1 The auditor should submit the main features of the plan for the audit of the company to the board of directors annually.
15.2 The auditor should participate in meetings of the board of directors that deal with the annual accounts. At these meetings the auditor should review any material changes in the company’s accounting principles, comment on any material estimated accounting figures and report all material matters on which there has been disagreement between the auditor and the executive management of the company.
15.3 The auditor should at least once a year present to the board of directors a review of the company’s internal control procedures, including identified weaknesses and proposals for improvements.
15.4 The board of directors should hold a meeting with the auditor at least once a year at which neither the chief executive nor any other member of the executive management is present.
15.5 The board of directors should establish guidelines in respect of the use of the auditor by the company’s executive management for services other than the audit. The board should receive annual written confirmation from the auditor that the auditor continues to satisfy the requirements for independence. In addition, the auditor should provide the board with a summary of all services in addition to audit work that have been undertaken for the company.
15.6 The board of directors must report the remuneration paid to the auditor at the annual general meeting, including details of the fee paid for audit work and any fees paid for other specific assignments.
The board of directors strives to have close and open cooperation with the company’s auditor. The board obtains annual confirmation that the auditor satisfies the independence and objectivity requirements pursuant to the Auditors Act. The main features of the auditor’s planned work are presented to the board once a year. The board here particularly assess whether the auditor exercises an adequate control function. Guidelines have been produced that regulate management’s access to use the auditor for other services than auditing. The guidelines are based on circular 23/2003 from the Financial Supervisory Authority of Norway, relating to management access to use the auditor as a consultant.
The auditor participates at board meetings that deal with the annual accounts. The board also has meetings with the auditor at least once annually to review the auditor’s report on his or her view on the company’s accounting principles, risk areas and internal control procedures.
The auditor’s fee is divided between auditing and other services as mentioned in the relevant notes in the 2007 annual report.
Up to now, no practice has been established that at least one meeting should be arranged annually between the auditor and the board without the attendance of the group CEO or other members of the executive management. The board shall ensure this is implemented in 2008.
The company has no other deviations from the code of practice.