Inform the Board of Directors of the outcome of the statutory audit, including the financial reporting process

We advise and assist the Audit Committee to comply with the obligations to inform the Board of Directors in accordance with section 31 (3, p.1) of the Danish Act on Approved Auditors and Audit Firms (the Directive, Article 39, paragraph 6 (a)).

The Audit Committee shall inform the Board of Directors of the outcome of the statutory audit, including the financial reporting process.

The Board of Directors shall receive adequate and necessary information in a timely manner so that it is able to perform its function and responsibility on a sound and informed basis.

Prior to the approval of the annual report and other financial reports, the Audit Committee should as a minimum, monitor and report to the Board of Directors about:

• significant accounting policies,
• significant accounting estimates,
• related party transactions, and
• uncertainties and risks, including prospects for the current year.

The outcome of the statutory audit should be included.

Inspicio has the capability to advise and assist the Audit Committee in its compliance with its obligations to inform the Board of Directors, or other supervisory bodies within the Company. Our assistance will, among other things, be based on the additional report submitted by the external auditor to the Audit Committee. We also assist with communication as such, if needed; and thus, even complex audit and accounting issues become easily understandable.