Auditors
The auditors are elected by the General Meeting. According to the Articles of Association, the number of authorized public auditors must be one or two with a maximum of the same number of deputy auditors or one or two auditing firms.
The accounting firm KPMG Bohlins AB was elected by the General Meeting as the Company’s external auditor for the period from 2008 up to and including the Annual General Meeting in 2012. Thomas Thiel serves as auditor in charge.
The duties of the external auditors include reviewing the management of the Board and President and the Company’s annual accounts and accounting records. The external auditors report continuously to the Board’s Audit Committee and, in conjunction with preparation of the annual accounts, they also report their observations from the audit to the Board.
During 2007, in addition to the auditing, KPMG provided consultancy services to the Group, primarily with regard to acquisitions and taxes, as it did, to some extent, during 2004 to 2006.
Authorized Public Accountant Thomas Thiel’s other auditing assignments in 2007 include Atlas Copco, Holmen, PEAB Industri, Ratos, SKF and Svenska Handelsbanken.
Audit fees
Expenses for auditor’s fees are included in the administrative expenses as set out in the table below:
| KPMG |
2007 |
2006 |
| Audit* |
15 |
26 |
| Other services |
7 |
2 |
| Total |
22 |
28 |
* Included in the expenses for auditor’s fees in 2006 are fees related to compliance with the Sarbanes-Oxley Act of 2002 and review of the second quarter interim report.