Audit Committee

Duties

The Audit Committee’s duties, without affecting the Board’s general responsibilities and duties, include overseeing Pandox’s financial reporting and the efficiency of Pandox’s internal control and risk management, staying
informed about the audit of the annual accounts and consolidated accounts, reviewing and monitoring the auditor’s impartiality and independence, and paying particular attention when
the auditor provides Pandox with services other than audit services, as well as assisting in drafting proposals for the election of auditors at the AGM. The Audit Committee also examines the Annual Report and interim reports and oversees the audit. The Audit Committee does not perform any auditing tasks.

Work in 2023

During the year the Audit Committee examined Pandox’s external financial reporting, and also analysed and assessed Pandox’s economic, financial and reporting risks on an ongoing basis with a particular focus on revenue, profit, property valuation and the financial position.

The Audit Committee also continued to deal with matters relating to internal control, in terms of structure, tools, organisation and self-assessment. The assessment is that Pandox’s work on risk and control was strengthened further through improved procedures, controls and systems, and support provided by the Finance Committee.

In 2023 the Audit Committee held four meetings for which minutes were kept and reported to the Board of Directors.