Vattenfall - Financial reporting

Financial reporting

Ensuring the quality of financial reporting

In its separate report on internal control, the Board has reported on the company’s internal control structure in the financial reporting routines. The Audit Committee’s work is a part of this control exercised by the Board, where external and internal auditors present their observations to the directors who are members of the Audit Committee. The external auditors presented, among other things, their observations concerning the six-month accounts and the annual accounts at each Audit Committee meeting in 2007. At these meetings, Vattenfall’s internal audit function is represented by its head, who also presents the unit’s findings to the Audit Committee. At least two meetings between all board members and the external auditors are planned for 2008. In conjunction with planning work for the annual audit, discussions are held between the external auditors and the internal audit unit concerning Vattenfall’s risk situation.