Audit

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Nordea's business is audited, internally as well as externally.

Internal audit Internal control process External audit Auditor´s fee Internal audit

Internal audit

Group Internal Audit (GIA) is an independent function commissioned by the Board of Directors. The Board Audit Committee is responsible for guidance on and evaluation of GIA within the Nordea Group. The Group Chief Audit Executive (CAE) has the overall responsibility for GIA. The CAE reports on a functional basis to the Board of Directors and the Board Audit Committee and reports on an administrative basis to the CEO. The Board of Directors approves the appointment and dismissal of the CAE and decides, on proposal from its Remuneration Committee, on salary and other employment terms and conditions for the CAE.

GIA does not engage in consulting activity unless the Board Audit Committee gives it special assignments. The objective of GIA is, on the basis of its audits, to provide the Board of Directors with an assessment of the overall effectiveness of the governance, and risk and risk control framework, together with an analysis of themes and trends emerging from internal audit work and their impact on the organisation's risk profile.

All activities and entities of the Group fall within the scope of GIA. GIA makes a risk based decision as to which areas within its scope should be included in the audit plan approved by the Group Board.

GIA shall operate free from interference in determining the scope of internal auditing, in performing its audit work, and in communicating its results. This means for example that GIA, via the CAE, is authorised to inform the financial supervisory authorities on any matter without further approval. GIA is authorised to carry out all investigations and obtain all information required to discharge its duties. This includes the right to sufficient and timely access to the organisation’s records, systems, premises and staff. GIA has the right to attend and observe Group Board committees, GEM, overall committees and fora for the Nordea Group and other key management decision-making fora when relevant and necessary.

Updated: February 2017   
Source: Annual Report 2016

Internal control process

Internal control process

The Internal Control Process is carried out by the Board of Directors, management and other staff at Nordea and is designed to provide reasonable assurance regarding objective fulfilment in terms of effectiveness and efficiency of operations, reliability of financial and non-financial reporting, compliance with external and internal regulations, safeguarding of assets as well as sufficient management of risks in the operations.

The Internal control process is based on five main components: Control Environment, Risk Assessment, Control Activities, Information & Communication and Monitoring.

The framework for Internal Control Process aims to create the necessary fundamentals for the entire organisation to contribute to the effectiveness and the high quality of internal control, through for instance, clear definitions, assignments of roles and responsibilities and common tools and procedures.

Roles and responsibilities in respect of internal control and risk management are divided into three lines of defence. In the first line of defence, the business organisation and Group Functions are risk owners, and thus responsible for conductiong their business within risk exposure limits and risk appetite and in accordance with decided internal control and risk management framework. As second line of defence, the centralised risk control functions are responsible for activities such as, identifying, assessing, monitoring, controlling and reporting of issues related to all key risks including compliance with internal and external frameworks. GIA, which is the third line of defence, performs audits and provides the Board of Directors with an assessment of the overall effectiveness of the governance, and risk and risk control framework, together with an analysis of themes and trends emerging from internal audit work and their impact on the organisation's risk profile.

Updated: February 2017  
Source: Annual Report 2016

External audit

External audit

According to the Articles of Association, one or two auditors must be elected by the General Meeting for a term of one year. At the AGM 2016, Öhrlings PricewaterhouseCoopers AB was re-elected auditor for a period up to the end of the AGM 2017. Peter Clemedtson is the auditor-in-charge.

Updated: March 2016
Auditor´s fee

Auditor's fees

EURmGroupParent company
2016201520162015
PWC
Auditing assignments-7

-5

-3

-2

Audit-related services-1

0

-1

0

Tax advisory services-1

-1

0

0

Other assignments-5

-1

-4

-1

Total PWC-14

-7

-8

-3

EURmGroupParent company
2016201520162015
KPMG
Auditing assignments0

-1

0

-1

Audit-related services0

-1

0

-1

Tax advisory services0

0

0

0

Other assignments0

-1

0

0

Total KPMG0

-3

0

-2

EURmGroupParent company
2016201520162015
E&Y
Auditing assignments0

0

0

0

Audit-related services0

0

0

0

Tax advisory services0

0

0

0

Other assignments0

-1

0

0

Total E&Y0

-1

0

0

Total auditors' fees-14-11-8-5

Source: Annual Report 2016