Monitor the effectiveness of the company's internal quality control and risk management systems and, where applicable, its internal audit regarding the financial reporting of the audited entity, without breaching its independence

We advise and assist the Audit Committee to comply with the obligation to monitor the effectiveness of the company's internal quality control and risk management systems and, where applicable, its internal audit regarding the financial reporting of the audited entity, without breaching its independence, in accordance with section 31 (3, p.3) of the Danish Act on Approved Auditors and Audit Firms (the Directive, Article 39, paragraph 6 (c))

The Audit Committee shall monitor the effectiveness of the the company's internal quality control and risk management systems and, where applicable, its internal audit regarding the financial reporting of the audited entity, without breaching its independence.

The Audit Committee should support the Board's responsibility and, as a part of its monitoring of the company's internal control system and risk management systems, obtain information from the Executives and / or the internal audit function, as to whether the control and risk management systems works efficiently and appropriately.

Inspicio is able to advise and assist the Audit Committee in the above-mentioned monitoring and assessment. This may include identification of relevant areas and processes and the evaluation thereof, based on the procedures and internal controls adopted by the Board of Directors or the Executives. This also includes the risks of fraud and the internal controls that are established to counter the risk of fraud. The internal audit department should report to the Audit Committee in respect of the internal audit plan, staffing, qualifications and budget. In this regard, Inspicio is able to advise and assist in the assessment of these areas.

The Audit Committee should follow the recommendations on corporate governance made by the Committee on Corporate Governance, and implement the actions referred to in recommendation 3.4.5, in relation to the internal audit function.
Applicable recommendations for corporate governance can be obtained here (including a Danish version):

https://corporategovernance.dk/sites/default/files/clean_recommendations_version211217-7_002.pdf