ALV » Topics » Audit Committee

This excerpt taken from the ALV 10-K filed Feb 19, 2010.

Audit Committee

The Audit Committee appoints, at its sole discretion (subject to shareholder ratification), the firm of independent auditors that audit the annual financial statements.

The committee is also responsible for the compensation, retention and oversight of the work of the external auditors as well as for any special assignments given to the auditors.

The committee also reviews;

 

   

the annual audit and its scope, including the independent auditors’ letter of comments and management’s responses thereto;

 

   

possible violations of Autoliv’s business ethics and conflicts of interest policies;

 

   

any major accounting changes made or contemplated;

 

   

approves any Related Person Transaction;

 

   

and reviews the effectiveness and efficiency of Autoliv’s internal audit staff.

 

   

In addition, the committee confirms that no restrictions have been imposed by Company personnel in terms of the scope of the independent auditors’ examinations.

Each of the Audit Committee members possesses financial literacy and accounting or related financial management expertise.

Currently, two members are determined to qualify as audit committee financial experts.

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