Saab 2012 Annual Report Download - page 133

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Auditors’ fees for the Group, 2011-2012
MSEK 2012 2011
Audit assignments:
PwC 15 15
Other 2 1
Other assignments:
PwC 6 7
The Board’s report on internal control of financial reporting
Under the provisions of the Swedish Companies Act and the Code,
the Board is responsible for internal control. This report on internal
control of nancial reporting has been prepared pursuant to the pro-
visions of the Swedish Annual Accounts Act.
Financial reporting
The Board documents the manner in which it ensures the quality of
the nancial reports and how it communicates with the company’s
auditor.
The Board ensures the quality of nancial accounting through its
Audit Committee, according to the report submitted above. The
Audit Committee considers not only critical accounting questions
and the nancial reports presented by the company, but also matters
of internal control, regulatory compliance, potential material uncer-
tainty in reported values, post-statement events, changes in assess-
ments and evaluations and other circumstances that may affect the
quality of the nancial statements. The auditor has participated in all
meetings with the Audit Committee during 2012.
The entire Board reviews the interim reports before they are
published.
The company’s auditor attends the Board meeting at which the
annual accounts are approved.
The Board has met with the auditor to discuss their review of the
company for the nancial year 2012. The Board has also met on one
occasion with the auditor without the presence of the CEO or any
other members of the Group Management.
Internal control over financial reporting
Saab’s system of internal control is designed to assist the business in
achieving its goals and managing associated risks. Internal control
over nancial reporting is a part of all internal control processes
within Saab, the framework for which is developed by the Committee
of Sponsoring Organisations of the Treadway Commission (COSO).
Internal control over nancial reporting aims to provide reasona-
ble assurance of the reliability of external nancial reporting and to
ensure that it is prepared in accordance with legislation, applicable
accounting standards and other requirements for listed companies.
Control environment
Delegation of responsibilities is based on the Board’s rules of proce-
dure and a directive which sets forth the roles, responsibilities and
activities of the Board and the CEO.
Internal control is based on Saab’s organisation, where operating
responsibilities and powers are delegated to business areas and
support units, which are also supported and supervised by Group
functions with specic competencies. These Group functions issue
Group guidelines that clarify responsibilities and powers and consti-
tute part of the internal control in specic areas such as nance,
accounting, investments and tenders.
The annual assessment process of internal financial controls
January 1
June 30
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Independent review of Self-
Assessment results
Preparation of Corporate
Governance Report
Q3 Self-Assessment
Q1 Self-Assessment
Remediation of issues identified during
Q1 Self-Assessment
√ Status of financial controls
reported to Group Man-
agement on monthly basis.
√ Self-Assessments com-
municated to Audit Com-
mittee, Internal Audit and
External Auditors.
SAAB ANNUAL REPORT 2012 129
CORPORATE GOVERNANCE REPORT