A significant part of the work of the Board of Directors has to do with ensuring competent and independent audits.
The contractual basis – and thus the framework for the work of the auditors, including non-audit services – is agreed in conjunction by the Board of Directors of the company and the firm of auditors. The results of the audit, including the observations and conclusions of the auditors, are discussed at meetings with the Board of Directors.
Auditor’s fee
The Executive Management and the auditor define the framework of the auditor’s work (scope) as agreed with the Board of Directors. The auditor’s fee appears from the annual report.
Appointment of auditors
The appointment of auditors, hereunder independence and competence etc., is discussed at the board meeting preparing for the General Meeting.
Auditing committee
The Board of Directors continuously evaluates the need to set up committees, including nomination, remuneration and auditing committees. Against the background of the size and complexity of the company, the Board of Directors set up an audit committee in 2006.
Audit of the annual accounts
In connection with the audit of the annual accounts, the Board of Directors examines and assesses the internal controlling systems and the management’s guidelines and supervision for this. Moreover, the accounting policy and accounting estimates as well as the expediency of the accounting policy applied are examined and discussed.
The auditors participate in the meeting where the annual report is approved. The Board of Directors is presented with the auditor’s report and goes through the auditors’ observations.
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The Articles of Association of Vestas Wind Systems A/S
Vestas annual report