In India you said you have placed a focus on data analytics. Are you developing your own data analytics software? The Big 4 have bragged about each of their software being the best

A: There is plenty of good software out there in the market. And we have also had a great support from the Big 4 on some of the work we have done. But I think that is where people go wrong. Because many companies don’t get data analytics right because they focus on the software and not on what they need to audit.

The philosophy we have followed and why we think we are successful is that we have made a conscious decision to not focus on software. Let’s develop the internal audit team so that they know what are the key risks, what should they audit, and once we know what we should audit then we can see what is the best software to help us. So that is the approach that we have taken.

The data analytics team that we have established in Bangalore, they are data scientists, they are able to look at data in a completely different way. Again, it could be different software but still we have that decision that we don’t have a standard software for the data analytics we do.

Bilag 4 – 3.4.5 Redegørelse i Anbefalinger for God Selskabsledelse

C25 - Company

Is an Internal audit function established

?

Comments regarding recommandation 3.4.5 in Good Corporate Governance

Hvem overvåger interne

kontroller og ERM:

APM Yes

AMBU No

Ambu’s revisionsudvalg har vurderet, at der ikke p.t. er behov for en egentlig intern revision, men der foretages løbende finansiel og forretningsmæssig controlling, som foretages af selskabets centrale finansfunktion. Revisionsudvalget vurderer løbende, om den interne controlling skal intensiveres. Det gennemgås og besluttes årligt af bestyrelsen på baggrund af en indstilling fra revisionsudvalget, om der er behov for en intern revision.

Centrale

finansfunktion -

finansiel og forretningsmæssig

controlling

Rockwool No

The Audit Committee annually assesses the need for an internal audit function as outlined in recommendation 3.4.5. The Audit Committee finds that the present set-up, where Management has established an internal control function, is adequate.

Daglig ledelse

Carlsberg Yes

Chr.

Hansen No

Pursuant to the Charter for the Audit Committee, the Audit Committee assesses on an annual basis whether there is a need for an internal audit function. In June 2019, the Audit Committee concluded that there is currently no need for an internal audit function, as the internal control function is effectively being performed by the finance organization and the Financial Compliance Officer. The conclusion was subsequently endorsed by the Board of Directors.

Finansfunktionen og Financial Compliance Officer

Coloplast No

Once a year, the audit committee assesses the need for an internal audit function.

Based on the recommendation from the audit committee, the Board of Directors reviews, at least once a year, the adequacy of the internal control systems. The Board of Directors has assessed that the size and complexity of the company currently do not necessitate the establishment of an internal audit function.

Nævner ikke noget specifikt

Danske

Bank Yes

DSV No

As an element of its annual cycle, the Audit Committee assesses whether or not an internal audit function should be established. If relevant, the Audit Committee formulates recommendations that ensure that a description of its functions is available and ensure the allocation of adequate resources and competences.

Nævner ikke noget specifikt

FLSmidth No

Once a year, the audit committee evaluates the need for an internal audit function. So far, the audit committee has seen no need for an actual internal audit function because the internal policies, procedures, guidelines and control actions in place are considered to function well and considered embedded in the Executive Management and the company's Group Control and Project Control functions.

Daglig ledelse, Group Control og Project Control

Genmab No Due to the current size of Genmab and the business structure, the Board of Directors has decided not to establish an internal audit function in 2019.

Nævner ikke noget specifikt

GN Store

Nord No

The Audit Committee annually considers the need for an internal audit function. Based on the recommendations of the Audit Committee, the Board determines whether the internal control environment is adequate or if an internal audit function should be established.

Nævner ikke noget specifikt

ISS Yes

Jyske Bank Yes

Lundbeck No

The Board of Directors, together with the Audit Committee, assesses the need for an internal audit function. It has been determined that the tasks of assessing internal control systems and risk management systems are better carried out by the company’s external auditor and other internal control functions in the company and, consequently, that no internal audit function is required

Ekstern revisor og andre interne kontrolfunktioner

Topdanmar

k Yes

Novo

Nordisk Yes

Novozymes No

Novozymes’ Audit Committee assesses the need for an internal audit function on an annual basis. The Audit Committee has assessed that Novozymes does not need to establish an internal audit function based on its positive assessment of the company’s internal control system. Based on the recommendation from the Audit Committee the Board of Directors has decided not to establish an internal audit function.

Nævner ikke noget specifikt

Pandora No

The Board has established an Audit Committee that assists the Board in supervising the financial reporting process and the efficiency of Pandora’s internal controls and risk management systems. The Audit Committee reviews significant risks related to Pandora’s business, activities and operations as well as risks related to financial reporting. The Audit Committee seeks to ensure that such risks are managed proactively, efficiently and systematically.

Revisionsudvalget

Royal

Unibrew No

In 2019, the audit committee has assessed that there is no need for an actual internal audit function.

Instead, the Company’s central finance and group accounting function carries out financial and business controlling of the Company’s business units during the year. The audit committee ensures that adequate resources are allocated to carry out the controlling activities and ensures the Executive Board’s follow-up on the reporting on these activities.

Centrale

finansfunktion og Group accounting funktionen - finansiel

og business controlling

SimCorp No Dosen't mention 3.4.5 specificly Nævner ikke noget specifikt

Tryg Yes

Vestas No

Once a year, the Audit Committee assesses the need for an internal audit function. In the 2019 financial year, the Committee found that it was not necessary to establish an internal audit function.

For additional information see Financial reporting risks, page 8. --> Group Financial Compliance is responsible for the implementation, monitoring, and reporting of Vestas’ global financial processes and the internal control framework. This helps to ensure a uniform design and tructure of Vestas’

internal controls. The objective of Vestas’ control activities is to ensure financial compliance with the targets, policies, manuals, procedures, etc. defined by the Executive Management. Furthermore, the activities must help ensure that any errors, deviations and shortcomings are prevented, discovered, and rectified. Vestas continuously adjusts and implements global financial processes and controls for all units and functions aimed at further mitigating the risk of incorrect financial reporting.

Group Financial

Compliance -

Finansiel controlling

William

Demant No

The company has no internal audit function but uses internal control systems that are monitored by the Board of Directors on an ongoing basis. Our auditors also assess the internal control systems in their communication with our Board of Directors. As part of the tasks of the audit committee, the committee will continuously and at least once a year assess any need for an internal audit function. If such need should arise, the audit committee would provide a recommendation and framework for such internal audit function.

Bestyrelsen og ekstern revisor

Ørsted Yes

In document Værdiskabende intern revision (Sider 125-132)