In Swedish limited liability companies, independent auditors are elected by the shareholders at the AGM, normally for a period of four years. The auditors then report to the shareholders at the company’s AGM.
To ensure that the requirements concerning information and controls that are incumbent on the Board are being met, the auditors report on a continuous basis to the Audit Committee on all substantive accounting issues, any errors and suspected irregularities.
The auditors are also invited, as needed, to participate in and report to the meetings of the Board. At least once per year, the auditors report to the Board without the President and CEO or any other member of the company’s operative management being present at the meeting.
At the 2007 Annual General Meeting, the registered auditing company Ernst & Young was elected as auditors with Lars Träff as auditor in charge for the period until the end of the AGM in 2011.
Lars Träff, Authorised Public Accountant, was elected as Scania’s Auditor in Charge, is a former Chairman of FAR SRS, the institute for the accountancy profession in Sweden. His auditing assignments have included Vattenfall, Lantmännen, Swedbank, JM, Observer, Ticket and TV4.