Audit
External Audit
The Annual Report and the internal controls over financial reporting processes are audited by an external auditor elected annually by the Annual General Meeting. The auditor act in the interest of the shareholders, as well as the poblic.
In 2006, The Annual General Meeting elected PricewaterhouseCoopers as Novo Nordisk's external auditor.
Reporting from external auditor
The auditors report any significant findings regarding accounting matters and any internal control deficiencies etc via the Audit Committee to the Board and in the auditor's long form report. A more detailed management report on internal controls and accounting issues is provided to Executive Management. The Audit Committee supervises the annual audit process which includes meetings with the auditors.
Independence of external auditor
In order to safeguard independence and objectivity the Audit Committee pre-approves services to be provided by the principal auditor. The principal auditor is restricted from providing certain non-audit services and the lead partner is required to rotate every five years.
Internal audit
The internal audit function, Group Internal Audit, provides independent and objective assurance primarily within internal control and governance. To ensure that the function works independently of management, its charter, audit plan and budget is approved by the Audit Committee. The head of internal audit is appointed by and reports to the Audit Committee.
This page has been assessed by PricewaterhouseCoopers as part of its assessment of Novo Nordisk’s statement that it reports ‘in accordance’ with GRI. Please refer to Audit and assurance for a full description of the nature of assurance offered.
