The Board of Directors has set up an Audit Committee to supervise the Group’s financial reporting procedures. The Audit Committee consists of two members from the Board of Directors of Søndagsavisen. Members are appointed by the Board of Directors of Søndagsavisen for a term of two years. The Audit Committee is composed of Peter Rasztar, Vice-Chairman of the Board of Directors, and Steen Gede. Peer Rasztar is chairman of the Audit Committee.
Members of the Committee must have an insight into accounting or auditing as well as experience of the conditions of listed companies. In addition, members of the Audit Committee must be independent, cf. the definition in Recommendations for Corporate Governance. The Board of Directors appoints the chairman of the Audit Committee.
The Audit Committee meets at least twice a year in connection with the external audits preparation of auditor’ records for the continuous audit and the year-end audit, respectively. Otherwise the Audit Committee meets as required.
The primary tasks of the Audit Committee are, on behalf of the Board of Directors, to monitor and supervise the financial information given in external financial reporting or any other important financial reporting and to ensure compliance with current legislation, standards and other reporting requirements. Furthermore, the Audit Committee reviews and evaluates the internal control procedures at least once a year with a view to evaluating the appropriateness of the controls and/or any weaknesses. The Audit Committee also considers the external auditor’s audit plan and reviews the associated audit agreement and payment of fees as well as the auditor’s management letters and records.