The Norwegian Code of Practice for Corporate Governance - Statoil

15. AuditorThe auditor should submit the main features of the plan for the auditof the company to the audit committee annually.The auditor should participate in meetings of the board of directorsthat deal with the annual accounts. At these meetings the auditorshould review any material changes in the company’s accountingprinciples, comment on any material estimated accounting figuresand report all material matters on which there has been disagreementbetween the auditor and the executive management of the company.The auditor should at least once a year present to the audit committeea review of the company’s internal control procedures, includingidentified weaknesses and proposals for improvement.The board of directors should hold a meeting with the auditor atleast once a year at which neither the chief executive nor any othermember of the executive management is present.The board of directors should establish guidelines in respect of theuse of the auditor by the company’s executive management forservices other than the audit.The board of directors must report the remuneration paid to theauditor at the annual general meeting, including details of the feepaid for audit work and any fees paid for other specific assignments.CommentaryThe requirements for an annual audit plan and for the auditor to participatein board meetings are intended to give the audit committee and the boardof directors better insight into the work of the auditor and to represent animportant supplement to the auditor’s necessary routine contact with thecompany’s executive management.59 CORPORATE GOVERNANCE