The Board of Directors of The Architects’ Pension Fund (AP) has set up a separate Audit Committee pursuant to the audit legislation on public-interest entities.
The audit committee consists of the following board members:
- Søren Kaare-Andersen (Chairman of the Audit Committee)
- Cecilie Therese Hansen
- Rikke Francis
According to the rules on audit committees, at least one member must possess audit or accounting qualifications.
The Audit Committee has no independent decision-making powers, but is exclusively a preparatory committee charged with reviewing and monitoring certain matters. Thus, the Audit Committee assists in preparing and qualifying matters for consideration by the entire Board of Directors. However the Audit Committee is responsible of approving non-audit services.
The Audit Committee meets at least four times per year and prepares an annual plan for the comittee, which is submitted to the Board of Directors for approval. According to Danish law, the Audit Committee is responsible for monitoring and assessing whether AP's financial reporting, internal control systems, risk management and statutory audit are planned appropriately, as well as assessing the auditors' independence, issuing recommendations on the appointment or re-appointment of auditors and reviewing and assessing AP's operational risk reporting.
The Audit Committee reports regularly to the Board of Directors, ensuring that the Board receives adequate information about matters to be considered by the Board.