Instruksjoner

Classification: Open
3.2 Review and approve the engagement letter for the external auditors’ annual audit of
the company’s consolidated and parent company financial statements; consider the
annual external audit plan; and approve related remuneration, including both fees for
audit and non-audit services, to oversee that the level of fees is appropriate to enable
an effective and high-quality audit to be conducted.
3.3 Monitor and review the execution and results of the annual audit and the work carried
out on the quarterly accounts, including the external auditors’ explanation of how the
risks to audit quality were addressed; key accounting and audit judgements; and
material communications between the external auditors and management and any
issues arising therefrom. The committee shall review and assess management’s
response to significant audit findings and recommendations and seek to resolve any
disagreements between management and the external auditors.
3.4 Review and monitor the qualifications, expertise, resources, objectivity and
independence of the external auditors within the context of the standards required by
applicable law, regulation and listing requirements. The committee shall consider, at
least annually, the standards employed by the external auditors, quality assurance
procedures and auditor competence.
3.5 Annually assess the performance and effectiveness of the external auditors and the
audit process, including an assessment of the quality of the audit, the handling of key
judgements by the auditor, and the auditor’s response to questions from the
committee.
3.6 Establish and monitor the implementation of policies for, and any external disclosures
in relation to, the pre-approval by the committee of all audit and audit-related services
and permissible non-audit services to be provided by the external auditors, to the
extent permitted by law, regulation, or ethical guidance and considering the impacts
this may have on the external auditors’ independence
3.7 Annually obtain and review a report from the external auditors as required by the
Norwegian Auditing Act, describing amongst other things:
• All relationships between the external auditors and the company
• The firm’s internal quality control procedures
• Material issues, if any, raised by their most recent internal quality-control review
in respect of the company or by any inquiry or investigation by governmental
authorities in the last five years relating to any audits carried out by the external
auditors, and any steps taken to deal with any such issues.
4. Internal audit
The committee shall:
4.1 Discuss any significant matter related to the company’s risk management and internal
control system arising from the internal audit with the CAE, the company’s
management and the external auditors.