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48 • GOVERNANCE AND MANAGEMENT
PANDORA ANNUAL REPORT 2016
subject to quality control. The Audit Committee monitors
the internal controls and risk management systems to ensure
that any weaknesses are eliminated and that any errors in
the financial statements that are identified and reported by
the auditors are corrected, including controls or procedures
implemented to prevent such errors.
PANDORA’s independent auditors are appointed
for a term of one year at the Annual General Meeting
following recommendation from the Board of Directors.
Prior to recommendation, the Board of Directors assesses,
in consultation with the Executive Management, the
independence and competencies and other matters
pertaining to the auditors.
The framework for the auditors’ duties, including their
remuneration, audit and non-audit services, is agreed
annually between the Board of Directors and the auditors
following recommendation from the Audit Committee.
The control procedures include a variety of processes
in order to prevent any misrepresentation, significant
errors, omissions and fraudulent behaviours. The control
procedures are assessed bi-annually and reported to the
Audit Committee annually.
Information and communication
The Board of Directors has adopted an Investor Relations
policy that prescribes that all communication to stakeholders,
including financial reporting, must be conducted adequately,
timely and openly internally as well as externally and must
be conducted factually and truthfully and in compliance with
legislation and applicable regulations.
Monitoring
PANDORA’s internal controls and risk management systems
are continuously monitored, tested, documented and