Audit

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Audit

External financial audit and assurance
The annual report and the internal controls over financial reporting processes are audited by an external auditor elected annually by the annual general meeting. Furthermore, Novo Nordisk voluntarily includes an auditor assurance report for non-financial reporting in its annual report.

In March 2008, the Annual General Meeting elected PricewaterhouseCoopers as Novo Nordisk's external auditor. Price Waterhouse (now PricewaterhouseCoopers) was first elected external auditor by the Annual General Meeting of Novo Industri A/S (now Novo Nordisk A/S) in April 1982.

The auditor acts in the interest of the shareholders, as well as the public.

Reporting from external auditor
The external auditor report any significant findings regarding accounting matters and any significant internal control deficiencies via the Audit Committee to the Board and in the auditor long-form report.

A more detailed management report on internal controls and accounting issues is provided to Executive Management. The Audit Committee supervises the annual audit process, which includes meetings with the external auditor.

Independence of external auditor
In order to safeguard independence and objectivity the Audit Committee pre-approves services to be provided by the statutory external auditor. The statutory external auditor is restricted from providing certain non-audit services and the lead partner is required to rotate every five years.

Internal audit
The internal audit function, Group Internal Audit, provides independent and objective assurance primarily within internal control and governance. To ensure that the function works independently of management, its charter, audit plan and budget is approved by the Audit Committee. The head of internal audit is appointed by and reports to the Audit Committee.

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