Being a public company, Instalco must have at least one auditor for the review of the company’s and the group’s annual reports and accounts as well as the management by its board of directors and CEO.
The review must be as detailed and extensive as required by generally accepted auditing standards. The company’s auditor is, according to the Swedish Companies Act, appointed by the general meeting. Thus, auditors of Swedish limited liability companies are given their assignment by, and are obliged to report to, the general meeting, and must not allow their work to be governed or influenced by the board of directors or any of the senior executives.
According to the Company’s articles of association, the general meeting shall appoint no less than one (1) and no more than two (2) auditors and no more than two (2) deputy auditors. The auditor and any deputy auditor shall be an authorised public accountant or a registered public accounting firm. The Company’s current auditor is Grant Thornton Sweden AB with Camilla Nilsson as auditor in charge.
From 2016, the Group’s financial reports are done in accordance with IFRS.