Main Activities of the Audit Committee in 2022
The Audit Committee deals intensively with the audit of the financial statements, including assessing the quality of the audit. The Audit Committee discussed the focus, procedure and results of the audit of the individual and Consolidated Financial Statements of NORMA Group SE with the auditors and prepared the resolutions of the Supervisory Board. In addition, the Audit Committee decided on certain permissible non-audit services to be provided by the auditors (PwC). The Audit Committee monitored the effectiveness of the internal control system, the risk management system and the internal auditing system as well as the compliance management system. Furthermore, it decided on the audit plan for internal auditing. In addition, the Audit Committee discusses the quarterly publications with the Management Board.
In 2022, the Audit Committee also dealt in particular with the development of NORMA Group’s earnings situation, the effects of the EU taxonomy and NORMA Group’s preparations for expected stricter requirements. Further focal points of the discussions in the Audit Committee were the material price increases and the passing on of price increases to customers as well as the effects of the war in Ukraine. Likewise, the Audit Committee dealt with
financing instruments and maturity profiles as well as tax audits. In addition, the Audit Committee dealt with the updated invitation to tender for the audit of the Annual Financial Statements for fiscal year 2023 and proposed KPMG as the future auditor.
Besides Mrs. Stieve, who attended all Audit Committee meetings, senior executives from Accounting & Reporting, Treasury, Compliance, Internal Audit and Risk Management in particular also presented to the Audit Committee.
In addition to the Audit Committee meetings, regular face-to-face and telephone consultations took place between the Committee Chairman and Mrs. Stieve and the auditors (also without the Management Board). Furthermore, the Audit Committee also met with the auditors without the Management Board.
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.