Audit matters

In accordance with a decision of the board for fiscal year 2010, the audit committee consists of Thomas Thuresson, chairman, Petter Stillström and Andreas Bladh. During fiscal year 2009, the audit committee was made up of the entire board except for the CEO, given that he was a member of management. The presentation of the board under Board of Directors describes the independence of each member with respect to large shareholders, the company and its executive management. The CEO, CFO and external auditor attend audit committee meetings. The CFO serves as secretary.
The tasks of the audit committee are described in writing. Its primary responsibility is to serve as a preparatory body between the board and auditors. The committee is to ensure relevant reporting, auditing and procedures for internal monitoring while supporting the CEO and CFO in related areas.
The committee held three meetings in 2010 that were attended by all members.

The company's auditors are elected at the annual general meeting. The 2011 annual general meeting elected Deloitte AB, with the auditor in charge Per-Arne Pettersson, as the company's public accounting firm through the 2012 annual general meeting. Under the articles of association, the company shall elect either a registered public accounting firm or one or two auditors, as well as an equal number of deputy auditors. The auditors are nominated on the basis of documentation and data compiled by the nominating committee, as well as the board through the audit committee, along with selected employees of PartnerTech.
The auditor in charge reviews the annual accounts and accounting records of the company and group, as well as administration of the company by the board and CEO. The auditor attends audit committee meetings, and presents the results of his audit at the annual board meeting that approves the year-end accounts. The auditor presents his report to the annual general meeting, describes the audit process and makes relevant observations.