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Order On Auditing Financial Enterprises And Financial Groups

Original Language Title: Bekendtgørelse om revisionens gennemførelse i finansielle virksomheder m.v. samt finansielle koncerner

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Table of Contents

Chapter 1 Scope of application

Chapter 2 The external audit

Chapter 3 Internal Audit

Chapter 4 Audit predictions

Chapter 5 Common provisions

Chapter 6 Special provisions applicable to financial institutions

Chapter 7 Special provisions applicable to mortgage credit institutions

Chapter 8 Special provisions for insurance undertakings

Chapter 9 Special provisions for brokerage brokerage and investment management companies

Chapter 10 Special provisions for UCITS and FUFS and FUFS and hedge funds

Chapter 11 Special provisions applicable to securities traders

Chapter 12 Penalty and entry into force

Appendix 1

Appendix 2

Appendix 3

Publication of the implementation of the audit in financial undertakings, etc., and financial groups 1)

In accordance with section 199 (4), 11, and Section 373 (3). 4, in the law of financial activities, cf. Law Order no. 897 of 4. September 2008, section 71, paragraph 1. 10, sections 113, section 114 f and § 132, paragraph 1. 3, in the Law on investment associations and special associations, as well as other collective investment schemes, etc., cf. Law Order no. 929 by 18. September 2008 and section 5 (5). 2 and section 14 (4). 2, in the Law of a Shipping Financial Institute, cf. Law Order no. 1376 of 10. In December 2007 :

Chapter 1

Scope of application

§ 1. This notice shall apply to financial undertakings, cf. Section 5 (5). 1, no. Paragraph 1, in the law on financial activities, and investment associations, specialised associations, team associations and hedge funds, cf. Section 4 (4). Paragraph 5, section 5. 1, sections 111 and § 114 a, paragraph 1. Paragraph 1 and paragraph. 2 in the Law on investment associations and special associations, as well as other collective investment schemes, etc. as well as Danmarks Shibrepdit A/S.

Paragraph 2. The notice shall also apply to groups as a whole as well as in the case of the groups as a whole. Section 5 (5). 1, no. 9, in the business of financial activities, as at individual companies in groups, where the parent company is a financial undertaking or a financial holding company, cf. Section 5 (5). 1, no. Ten, in the law of financial activities.

General conditions

§ 2. Declarations and information from this notice shall, where they are rendered unreservable, shall be rendered verbatim, cf. Annex 1. Declarations and information which cannot be provided verbatim shall be referred to and be listed separately.

Paragraph 2. Confirmations after this notice shall be rendered verbatim, cf. Annex 1. If the acknowledgments cannot be rendered verbatim, they shall be referred to and listed separately.

Paragraph 3. Declarations, information and confirmations that are provided with additional information shall be referred to and listed separately.

Chapter 2

The external audit

§ 3. The external audit shall review the annual report, including the group accounts, in accordance with good auditor practice and check whether these have been settled in accordance with the requirements of the legislation and of any other provisions of other provisions to the clearance of accounts.

The external audit protocol

§ 4. For the management board in Denmark, the external audit shall carry out an audit protocol. The Minutes shall be set out for the audit carried out during the year, which may form the basis for auditing part findings. The protocol must be presented at any board meeting and any protocol entry shall be signed by the overall management board and the audit record.

Paragraph 2. The Protocol on the annual report shall be accounted for for the audit carried out and the conclusion of this. In a separate section of the Protocol Platform for the annual report, the external audit shall sum up all the observations made by the audit to submit to the Administrative Board. The summary shall contain a status of the remarks made in respect of the financial year in question, as well as a status of the comments that were made as an inauspices in the Protocol on the previous annual report, cf. Annex 2.

Paragraph 3. The external audit shall indicate in a separate paragraph of the Protocol on the annual report on the execution of any assistance or advice tasks.

Paragraph 4. The external audit shall be attached to the information on any assistance or advisory duties, as at least in the Protocol Platform for the annual report, confirm that the ban on self-audit in section 24 (4). FOUR, ONE. Act. have been complied with in the law of authorised auditors and auditors, including the fact that auditors or other persons in the auditor have not participated in the bookkeeping or similar registrations that form the basis of the annual report or any other ; the statement of the declaration, or in the preparation of the annual report or any other document, relates to the declaration. The confirmation must be made, although assistance or advisory duties have not been carried out.

Paragraph 5. The external audit shall indicate, in a separate section of the Protocol on the annual report, do not correct corrective errors. This information must be provided per error, specifying the amount and impact of the accounting items. Non-corrective errors during the triage limit may be omitted from the point of entry relating to the downside limit used and the net effect of the total non-corrected errors during the triage limit. If all errors are corrected or no errors have been found, this is provided.

Information

§ 5. It must be reported in the Protocol on the annual report,

1) the guidelines of the financial undertaking in accordance with section 77 (3). 4, in the Act of Financial Business or the Association's Guidelines, in accordance with section 34 (2). 4, in the Law on investment associations and special associations and other collective investment schemes, etc. are considered to be reassuring and have functioned appropriately, cf. § 77, paragraph. 5, in the Act of Financial Company and Article 34 (1). 5, in the Law on investment associations and special associations as well as other collective investment schemes, etc.,

2) the checks referred to in section 77 (2) ; 5, in the Act of Financial Company and Article 34 (1). 5, in the Law on investment associations and special associations and other collective investment schemes, etc. have given rise to comments,

3) have been established for the purposes of compliance with the provision in Article 182, in the Act of Financial Company, and

4) there have been significant errors or deficiencies in connection with the review of the transactions between the company and companies covered by section 2 in the announcement of the corporate transactions, cf. § 6, nr. 3, and provide a more detailed description of the transactions that are of major importance or exceptional nature.

Paragraph 2. In establishments which have internal audit, it shall be informed of the annual report in the audit protocol on the annual report ;

1) the agreed upon tasks of the audit Agreement and whether the internal audit functions are functioning satisfactorily and, in particular, that the external audit has not become aware of the individual or combined forces that the internal audit is carried out ; operates independently of the day-to-day administration, and

2) the external audit agrees with the contents of all internal audit protocol transfers relating to the financial year and, where this is not the case, in which the agreement is made.

Paragraph 3. The Protocol on the annual report for parent undertakings must make essential observations to the accounting and auditing conditions in the individual subsidiary undertakings.

Paragraph 4. A copy of the protocol latet on the annual report shall be submitted to the SEC at the same time as a copy of the annual report by the Management Board and approved group accounts. Similarly, a copy of the protocol latet shall be submitted to subsidiary undertakings established in Denmark.

Declarations

§ 6. The Protocol on the annual report shall be issued on the following :

1) The organization's administrative and accounting practices in key areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, the external auditor shall also declare :

a) the overall system, data and reliability of the establishment and the functioning of the establishment and the functioning of the establishment ;

b) the company ' s stock of securities and similar activities is carried out in the establishment ;

c) the accounts are organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and

d) the external audit has become familiar with conditions contrary to the requirements of the legislation concerning financial undertakings and associations.

2) Whether or not they granted exposures to and received security stills by members of board members or directors, as well as undertakings in which they are directors or members of the board, are granted in accordance with the usual company ' s habitual activities ; business conditions and market-based terms, cf.. Section 78 (1). Two, in the law of financial activities.

3) Whether the financial company is committed to commercial undertakings covered by Article 80 (3). 1 and 2, in the law of financial activities, cf. § 80, paragraph. 8, 2. pkt;, in the law of financial activities.

Other provisions

§ 7. Section 4 (4). 4, section 5, paragraph 5. Number one, and section 6, number Paragraph 1 (c) and (d) and (d) 2 3, does not apply to audit protocols for subsidiaries that are not financial undertakings, cf. Section 1 (1). 1.

§ 8. If the establishment has an internal audit that meets the provisions of Chapter 3, the external audit agreement may be made by the audit person, that the statements shall be made in accordance with section 4 (4). TWO, TWO. and 3. pkt., section 4, paragraph 4. 5, section 5, paragraph 5. 1, no. 3 and 4, section 6, no. 1, sections 23-24 and 26, section 28, nr. 1, sections 30-32 and 37 alone appear in the internal audit protocol. The Agreement on this must be included in the revision agreement, cf. § 15.

Chapter 3

Internal Audit

§ 9. The Management Board may decide that an internal audit is to be created, cf. however, paragraph 1 3. Provided that an internal audit has not been created, the Administrative Board shall discuss at least once a year to discuss the need to establish an internal audit, taking into account the complexity of the company, including the outlines and insourcer business ; activities. The decision of the Management Board shall be included in the board of the board's negotiating protocol.

Paragraph 2. If a board of directors in accordance with paragraph 1. 1 determines the establishment of an internal audit, the provisions relating to the internal audit shall apply.

Paragraph 3. In companies that have had 125 or more full-time employees in the last two financial years on average, an internal audit shall be set up.

Paragraph 4. For concerts, paragraph is found. 1 and 3 similar uses.

Paragraph 5. The provisions of paragraph 1. 3-4 shall not apply to investment associations, special associations, team associations, hedge funds and Denmark's Skibwritten A/S.

§ 10. The internal audit is led by an audit manager. Employment and dismissal of the audit certificate may be carried out by the Board of Directors. Employment and dismissal of the audit report may be carried out for the group as a whole.

Paragraph 2. The audit director shall have a theoretical training corresponding to what is required to become a state sautorised or registered auditor.

Paragraph 3. The audit director must, at the time of the employment, have participated in practical audits for at least three years in the last five years.

Paragraph 4. The Financial supervision may, in particular cases, dispose of the requirements referred to in paragraph 1. 2-3.

Paragraph 5. The Management Board may appoint one or more vicerevider schefes.

Paragraph 6. The Management Board may appoint a deputy director as deputy for the audit commander.

Paragraph 7. The provisions of paragraph 1. 1-4, section 11, paragraph 11. 1-3, and section 12 concerning the audit report shall apply mutatis mutias, including deputies.

§ 11. When an audit manager is acceding, this must be reported to the Financial supervision within 1 month after accession.

Paragraph 2. The Management Board shall be required to report to the Finance-SEC report on the recruitment of the audit manager, cf. paragraph 1, make a declaration that the DAS complies with the requirements of section 10 (1). Two and three.

Paragraph 3. When a statement of auditor is made redundant or severed, the Management Board and the audit report shall send each statement to the Financial supervision of the background to the Financial supervision of the background.

Paragraph 4. In the case of the one in paragraph 1. 2 required declaration shall the Management Board indicate whether the audit report shall draw up the annual report in accordance with section 19.

Paragraph 5. The Management Board shall, by modification of the decision on whether the audit report shall report its annual report, shall inform the Finance-monitoring thereof.

Paragraph 6. The Management Board shall, by its decision to shut down the internal audit, provide the Financial supervision thereof.

§ 12. The audit manager shall have access to all information necessary for the implementation of the audit, including the Management Protocol.

Paragraph 2. The audit manager and members of the internal audits shall not participate in any other work in the enterprise or group than audit.

Paragraph 3. The internal audit may not be carried out in the case of circumstances suitable for raising doubts in an informed third party of the independence of the internal auditing.

§ 13. Auditions and vicerevisionviewer must, cf. § 77, paragraph. Ten, in the law of financial activities, do not have financial interests in the enterprise or group of which they are employed.

§ 14. In companies that have an internal audit, a function description approved by the management board shall be available. The function description can be drawn up for the group as a whole and is attracted by the management boards of the individual group companies. The function description must at least contain provisions for :

1) the general powers, responsibilities and functions of the internal audit ;

2) Qualifications of employees,

3) the manner in which the audit report and the staff of the internal audit are assured continuous continuing training ;

4) the appointment or approval of the audit of employees in the internal audits shall be carried out or approved by the auditor and that the training of assistants must be approved by the audit report ;

5) the internal audit budget and that this is approved by the Administrative Board, which must be stated on a management protocol ; and

6) information on agreements between the management of the undertaking and the internal audit on the execution of special audit tasks. Transitional tasks and tasks of a temporary nature need only be included in the internal audit protocol.

Paragraph 2. The internal audit must take on work tasks in accordance with the provisions of the internal audit. paragraph 1, no. 1 that it has sufficient competence to perform.

Paragraph 3. The people in paragraph 3. 1, no. 6. The tasks referred to must not affect the fact that the DAS is in a situation in which they declare themselves or illusiate the facts or documents drawn up by the audit person or staff of the internal audit.

§ 15. In companies that have an internal audit, the audit work shall be carried out in accordance with good audit practice and in accordance with an audit agreement between the external audit and the audit report. The audit agreement can be drawn up for the group as a whole. The audit agreement shall include :

1) a general description of the audit tasks to be performed and which of these tasks shall be the responsibility of the external audit and internal audits respectively,

2) guidelines for cooperation between the external audit and the internal audit, including the work on the external audit, to carry out checks on the work of the internal audit, and

3) a description of how, and to what extent, information is exchanged between the internal and external audit of the audit carried out.

Paragraph 2. If the audit report is responsible for the annual report, cf. Section 11 (1). 4, and section 19 (1). In the revision agreement, the audit agreement must be included in the revision of the review of the essential and risk-filled areas. Participation is understood that the audit director shall, in these areas, carry out part of the work which, in establishments where the audit certificate does not give an endorsement of the annual report, would have been carried out by the external audit alone.

§ 16. In companies that have a review of the audit, this shall also be the audit manager of all establishments covered by Section 1 (1). 2, i.e. whether it is a financial undertaking or not.

Paragraph 2. Paragraph 1 shall not apply in cases where the undertaking is temporarily operated for the execution of pre-concluded exposures or with a view to contributing to the restructuring of business operators.

The internal audit protocol

§ 17. For the management board in Denmark, the internal audit shall carry out an audit protocol. The Minutes shall be set out for the audit carried out during the year, which may form the basis for auditing part findings. The protocol must be presented at any board meeting and any protocol entry shall be signed by the total board of directors.

Paragraph 2. The audit manager shall provide the internal audit annual protocol, the audit plan and the budget of the internal audit of the relevant board meetings.

Paragraph 3. The internal audit records of the annual report shall be reported for the audit carried out, including the way in which the internal audit has taken part in the review of the essential and risk-filled areas, and the conclusion of this. In a separate section of the Protocol Platform for the annual report, the internal audit shall sum up all the observations made by the audit to submit to the Administrative Board. The summary shall contain a status of the remarks made in respect of the financial year in question and the status of the comments that were made as an inauspices in the Protocol on the previous annual report, cf. Annex 2.

Paragraph 4. As a minimum in the Protocol Platform for the annual report in a separate paragraph, the audit director shall confirm that the audit commander has not arrived in a situation in which they declare themselves or illusions on the conditions or documents to which the audit director or staff of the internal audits have established the basis for, cf. Section 14, paragraph 14. 3.

Paragraph 5. The Protocol Platform for the annual report shall be informed of whether the internal audit has received all the information requested.

Paragraph 6. In the absence of a protocol on the annual report, at least one of the minutes of the year, of which the report shall be recorded shall be at least a protocol. 3-5 shall be specified.

Paragraph 7. Section 5 (5). 3 and 4, and section 7 shall apply mutatis muchal to the internal audit protocol of the annual report.

Chapter 4

Audit predictions

§ 18. The external audit plan of the annual report, including the group accounts and the annual report for subsidiaries, shall be issued in accordance with the provisions of the Law of the approved auditors and auditors, as well as the provisions adopted pursuant to the Agreement ; of which.

Paragraph 2. The requirement for drawing up of the annual reports of the subsidiary undertakings shall only be applicable if the external audit of the financial undertaking has carried out the audit.

§ 19. The audit director shall provide an endorsement of the annual report, including the group accounts and the annual report for subsidiary undertakings in Denmark, where this is selected in accordance with section 11 (1). 4, cf. however, section 16 (3). 2.

Paragraph 2. The approval of the audit report shall mean that the internal audit has been carried out under the review agreement, cf. § 15.

Paragraph 3. The endorsement shall include a brief description of the audit carried out, including that the internal audit has taken part in the review of the essential and risk-filled areas, as well as the conclusion of this. It must be disclosed separately if the audit includes something other than the annual report. Any reservations or supplementary information shall be clearly shown in the endorsement.

Chapter 5

Common provisions

20. A financial undertaking or a company within the same group may not grant commitment or receive security from the external audit, the audit manager or the temporary group. However, this does not apply to the loan granted by a life assurance undertaking in the re-purchase value of one of the life insurance undertakings issued insurance policy.

§ 21. If the external audit or internal audit may assume that a financial undertaking does not meet or within the foreseeable future, it will not be able to meet the requirements of solvency, cf. § § 124-126, in the Act of Financial Company, or Assets in section 4 (4), 7, section 5, paragraph 1. 7, section 9, nr. 3 and 4 and 11 11 (1). 6, and section 114a (1). 6, in the Law on investment associations and special associations and other collective investment schemes, etc., the person concerned shall immediately inform the Finance Board of this.

§ 22. In the submission of declarations and information, cf. Section 5-6, 23-24, 26, 28-32 and 35 to 37, it shall be assessed which of these are relevant to the company concerned. If a statement or declaration is not to be made in relation to a company, this must be stated in the Minutes.

Chapter 6

Special provisions applicable to financial institutions

-23. The Protocol on the annual report and the group accounts must be reported in the external audit protocol on :

1) the financial institution ' s measurement of loans and guarantees have been carried out in accordance with the rules laid down, and

2) the monetary institution may calculate the assets and assets of each depositor.

§ 24. The external audit shall in the minutes of the report on the annual report render one of the financial institution a summary of the following exposures, cf. however, paragraph 1 5 :

1) The 10 largest exposures of the Pensate Foundation.

2) Other exposures exceeding 10%. of the base capital, according to the rules of Section 145, in the Act of Financial Company.

3) Other significant exposures where they are subject to the opinion of the Management Board by the institution and / or the auditor.

Paragraph 2. The view of paragraph 1. 1 is required for each engagement contain information on :

1) the size of the exposures,

2) any intended framework for terminus business and other business with derivative financial instruments ;

3) the security and the value of their estimated values ;

4) whether individual depreciation has been made on the commitment ;

5) whether or not the previous two financial years have been written or written on the exposures ;

6) the financial conditions of the debtor, and

7) the management assessment of the risk of the commitment, taking into account all the existing conditions, including the management of the commitment to the correct measured commitment.

Paragraph 3. The external audit shall be recorded in the Protocol on the annual report following the assessment of the management of the management of each undertaking ;

1) identify the auditor ' s overall assessment of the risk of each engagement, taking into account all the existing conditions ; and

2) declare the extent to which the individual exposures are subject to paragraph 1. 1, measured correctly.

Paragraph 4. In the group, see Section 1 (1). 2, the summary and information provided for in paragraph 1 shall be 1-2 and the auditor ' s declarations pursuant to paragraph 1. 3 is also provided on a group basis.

Paragraph 5. The view of paragraph 1. 1 shall contain commitments with real credit institutions as well as domestic and foreign financial institutions where special circumstances are attributed to it.

Chapter 7

Special provisions applicable to mortgage credit institutions

§ 25. The internal audit shall review

1) new mortgages without a public guarantee which, according to the board's instructions for the board, shall be granted by the Administrative Board,

2) the amounts of loans exceeding 10 million in excess of 10 million. crane, and

3) other loan cases.

Paragraph 2. The review of the loan cases, cf. paragraph 1, no. A review of the loan cases in which the mortgage value or the institution ' s premises are in particular interest shall be carried out in the light of the market conditions in the area concerned for ordinary properties of the species concerned ; the random, representative spot checks carried out in the paragraphs of paragraph 1 of this Article. 1 mentioned groups.

Paragraph 3. The internal audit shall also verify that the information to be recorded by data meets the guidelines of the Finance Supply line, cf. The financial system's desection system.

Paragraph 4. The audit agreement shall include detailed rules for the control of paragraph 1. 1 as well as for reporting the results of their findings to management and management board. The reporting to the Administrative Board shall include, inter alia, a statement of the sampling and the conclusion of the loan case review and a separate account of the loaner cases where the review has found that the sealing value should have been smaller. The report shall be reported in the Protocol on the annual report or will be sent to the Financial supervision in copy.

Paragraph 5. In the areas of credit institutions without internal audits, the tasks shall be the tasks of paragraph 1-4 the external audit.

SECTION 26. The Protocol on the annual report and the group accounts must be reported in the external audit protocol on :

1) the mortgage credit institution ' s measurement of the loans, including the adjustment of the value effected as a result of the credit risk, have been carried out in accordance with the rules laid down by the credit risk ;

2) the mortgage credit institution shall provide mortgage credit on the basis of other than the issue of mortgage bonds, in particular covered mortgage bonds, in particular covered debt securities and other securities, cf. Section 1 (1). 1, in the area of mortgages and mortgage bonds, etc.,

3) the mortgage credit institution shall use funds obtained by the use of securities, and whether it places excess funds from circulation in accordance with section 20 in the Act on mortgage and mortgage bonds, etc.,

4) the real credit institution shall keep the resources of the fund from the other funds in the institution in accordance with the means of the institution. Section 26 (1). 1, mortgage credit and mortgage bonds etc., and so on, and

5) the real credit institution may calculate the assets and assets of each depositor.

Chapter 8

Special provisions for insurance undertakings

§ 27. When the conceptual insurance company or life assurance undertaking is subsequently used, these include cross-cutting pension funds as well.

§ 28. The Protocol on the annual report and the group accounts must be reported in the external audit protocol on :

1) there is a reasoned assumption that the technical provisions have been made in such a way that they are sufficient to cover all the insurance undertakings on balance the day of balancing the balance sheet, but at the same time is not greater than necessary, and

2) the insurance undertaking satisfies the requirements of the rules of the law, including details of any comments made pursuant to the notice of the registration of assets in insurance undertakings, etc.

§ 29. The external audit shall state, in the Minutes of the annual report, on the financial statement of capital and the risks to the financial supervision of the financial statement. 31. Determination shall be made in accordance with the guidelines in force, cf. Instructions for reporting forms for information on capital and risks in life, damaged and reinsurance undertakings, transverse pension funds, and occupational hazards.

Chapter 9

Special provisions for brokerage brokerage and investment management companies

-$30. The external audit shall be recorded in the minutes of the annual report of the Fund Broker Companies, on the basis of

1) the fund agent, if it has a minimum capital requirement of 0,3 million, The euro, cf. § 125, paragraph 1. 2, no. 4, in the field of financial operations and services of derivative contracts, derivatives derivatives from other securities trades ;

2) the company ' s company is in accordance with the consent of the company to operate the fund-broiler business, cf. Annex 4 to the financial undertaking, as well as any possible. Ownership holdings shall be in accordance with section 26 (s). 1 in the law of financial activities, and

3) the fund-broker may calculate the assets and assets of each depositor.

Paragraph 2. Paragraph 1 shall apply mutatis muctis to the investment management companies which are authorized in accordance with section 10 (4). 2, cf. Section 9 (1). 1, in the law of financial activities.

Chapter 10

Special provisions for UCITS and FUFS and FUFS and hedge funds

§ 31. In the external audit protocol, the Protocol on the annual report for investment associations and special associations as well as sheep's associations must be reported,

1) the calculations of the emission and solution rate shall be calculated in accordance with the provisions of Article 48 (3). 5, and Section 113 of the Law on investment associations and special associations, as well as other collective investment schemes, etc. issued notice ;

2) the location rules, cf. Chapter 13-14 for investment organisations, cf. Chapter 15 for special associations and sections 113 for oveman associations in the Law on investment associations and special associations, as well as other collective investment schemes, etc., and

3) the association or a department has been or is under the minimum requirements of a fortune hearing, cf. Section 4 (4). 7, section 5, paragraph 1. 7, and section 111 (1). 6, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.

§ 32. The Protocol on the annual report of the annual report for hedge funds, which is covered by section 114 (a) (1), shall be recorded in the Minutes of the External Review Protocol. Paragraph 1 or paragraph 1. 2, in the Law on investment associations and special associations as well as other collective investment associations, etc. shall be provided,

1) the calculations of the emission and solution rate shall be calculated in accordance with the provisions of Article 48 (3). 5, section 114 of the investment associations and special associations as well as other collective investment schemes, etc. issued notice, and

2) the association or a department has been or is under the minimum requirements of a fortune hearing, cf. § 114 A (3) (a) 6, in the Law on investment associations and special associations, as well as other collective investment associations, etc.

§ 33. In the Protocol on the annual report for investment associations and special associations as well as sheep's associations and hedge funds, they should not be given in section 6, no. The statements made by 2 and 3.

Chapter 11

Special provisions applicable to securities traders

§ 34. The securities traffickers are financial institutions, real credit institutions, fund brokers, and investment management companies that have a licence as securities trading in section 9 (4). 1, in the law of financial activities, and branches in this country of credit institutions, investment firms and management companies authorised to provide investment services in a country outside the European Union, which the Community does not : have concluded an agreement in the financial area and that carries out such activity here in the country, hereinafter referred to as securities traders.

$35. The internal audit shall draw up and carry out an audit plan to examine and evaluate the systems, internal control procedures and systems of the securities handlers, and appropriate and effective systems.

Paragraph 2. The internal audit shall be as part of the performance of the internal audits referred to in paragraph 1. 1 mentioned work actions review the reporting to the management board from the compliance and the risk management function, cf. section 6 in the notice of the organizational requirements and the conditions governing operation of activities as securities trades. The internal audit shall, as a minimum of the audit record, report on the annual report of the annual report on the audit conditions to which the review provides for, with indication whether appropriate measures have been taken in the event of : any deficiencies. If the review does not give rise to any comments, this must also be recorded in the Minutes.

§ 36. If an internal audit has not been created, the external audit shall review the reporting to the Administrative Board from the compliance and the risk management function, cf. section 6 in the notice of the organizational requirements and the conditions governing operation of activities as securities trades. The external audit shall, as a minimum of the audit record, report on the annual report reports on the audit conditions to which the review is given rise, indicating whether appropriate measures have been taken in the event of : any deficiencies. If the review does not give rise to any comments, this must also be recorded in the Minutes.

§ 37. The Protocol on the annual report and the group accounts must be reported in the external audit record of the transferable securities retailer in accordance with Article 72 (2). 1-3 of the Act of Finance, including the fact that the external audit has not become familiar with conditions contrary to the requirements in the notice of the organizational requirements and the conditions governing operation of activities as securities trades.

Chapter 12

Penalty and entry into force

§ 38. Inherit of § § 2-6, § 8, 2. pkt., section 9, paragraph. ONE, TWO, THREE. pkt., and paragraph. 2-3, section 10, paragraph 10. ONE, ONE. and 2. pkt., and paragraph. 2-3, and 7, section 11 15, section 16, paragraph 1. One, section 17, section 18, section. Paragraph 1, section 19, paragraph 1. One and three, section 20-26, section 28-32 and section 35-37 is punished by fine.

Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

§ 39. The announcement shall enter into force on 1. 1 January 2009 and have an impact on audit protocols relating to accounting year commencing on 1. January 2008 or later. At the same time, notice No 1224 of 22. In October 2007, the implementation of the audit in financial undertakings, etc., and financial groups.

Paragraph 2. The provisions of section 10 (1). 2 and 3 shall apply to persons who accalate to a position as a statement of auditor, as a replacement for the audit commander or vice-president of the Executive Assistant Director after 1. January 1999.

Financial supervision, 16. December 2008 Peter Sylvest Larsen / Lars Østergaard

Appendix 1

Declarations and information in the audit protocol latet concerning the annual report

In accordance with the section 2 of the Audit Order Section 2, affirmation, declarations and information shall be rendered using the wording that appears in the following views, if they are rendered unreservedly.

Declarations and information which may not be given as listed in this Annex shall be referred to and listed separately. It must be clear from these separate declarations and information, why they have not been able to be abandoned following the wording of this Annex.

The attention shall be given to the fact that the statement of the following declarations and information shall be assessed on which of those relevant to the undertaking concerned. If a statement or a declaration is not to be made in relation to a company, this must be justified in the protocol latet, cf. Section 22 of the auditing order.

In addition to each of the lists listed in the auditing notice, the following shall be :

-WHAT? ' (ES) ' for the information / declarations to be provided by external audits,

-WHAT? ' (I) ' for the information / declarations to be issued by internal audit,

-WHAT? ' (E/I) 'for the information / declarations that, depending on the revision agreement, may be carried out by either external or internal audit, cf. The section 8 of the auditing notice.

1. Penal institutions
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit, and
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration.
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on the conditions or documents that we or the staff of the internal audit have drawn up.
Dicordance of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the financial undertaking concerning the control of compliance with the speculative ban in accordance with section 77 (2) ; 4, in the law of financial activities, be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 77 (3). 5, in the case of financial activities, no time has been given ;
Section 5 (5). 1, no. 3 (E/I)
business procedures have been established for the purposes of compliance with the provision on corporate engagements in section 182 of the financial undertaking ;
Section 5 (5). 1, no. 4 (E/I)
no significant deficiencies have been identified in connection with the review of the operations between the enterprise and undertakings covered by Section 2 of the corporate transactions
Section 5 (5). 1, no. 4 (E/I)
a detailed description of the group internal transactions, which are of major importance or exceptional nature, have been provided, 1)
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with the section 23 of the Court of Auditors ' Article 23, we must inform you that :
23, no. 1 (E/I)
the financial institution ' s measurement of loans and guarantees have been carried out in accordance with the rules laid down ;
23, no. 2 (E/I)
the financial institution may calculate the assets and assets of each depositor ;
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
the establishment ' s administrative and accounting practices in significant areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
the overall system, data and reliability of the establishment and the functioning of the establishment ;
the company ' s stock of securities and similar activities is carried out in the establishment,
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of the financial undertakings legislation ;
§ 6, nr. 2 (E)
the exposures to and received security grants from the members of the board or directors and undertakings in which they are directors or members of the management board have been granted subject to the company ' s customary conditions ; business conditions and market-based terms, cf.. Section 78 (1). 2, in the Act of Finance
§ 6, nr. 3 (E)
the financial undertaking does not have the involvement of businesses owned or operated by the management or other executives or in the other way, in the management or operation, in accordance with the management or operation of the management or other management. § 80, paragraph. One, two, and eight, two. pkt;, in the law of financial activities,
In accordance with the section 24 of the Audit Order of the Court of Auditors, we must declare that :
section 24 (2). 3, no. 2 (E/I) 2)
The commitment above is measured correctly 3)
2. Realcredit institutions
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit, and
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on the conditions or documents that we or the staff of the internal audit have drawn up.
Dicordance of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the financial undertaking concerning the control of compliance with the speculative ban in accordance with section 77 (2) ; 4, in the law of financial activities, be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 77 (3). 5, in the case of financial activities, no time has been given ;
Section 5 (5). 1, no. 3 (E/I)
business procedures have been established for the purposes of compliance with the provision on corporate engagements in section 182 of the financial undertaking ;
Section 5 (5). 1, no. 4 (E/I)
no significant deficiencies have been identified in connection with the review of the operations between the enterprise and undertakings covered by Section 2 of the corporate transactions
Section 5 (5). 1, no. 4 (E/I)
a detailed description of the group internal transactions, which are of major importance or exceptional nature, have been provided, 4)
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with the section 26 of the Audit Order of the Court of Auditors, we must inform you that :
26, no. 1 (E/I)
the measurement of the loans, including the adjustment of the measurement taking place as a result of the credit risk, has been carried out in accordance with the rules laid down for this purpose ;
26, no. 2 (E/I)
The mortgage credit institution does not provide mortgage credit on the basis of other than the issuance of mortgage bonds, in particular covered mortgage bonds, in particular covered bonds and other securities, cf. Section 1 (1). 1 in the Act on mortgage credit and mortgage bonds and so on.
26, no. 3 (E/I)
the mortgage credit institution does not use funds obtained by the use of securities other than the lending,
26, no. 3 (E/I)
the mortgage credit institution shall place excess funds from circulation in accordance with section 20 of the mortgages and mortgage bonds and so on.
26, no. 4 (E/I)
the real credit institution shall keep the resources of the fund from the other funds in the institution in accordance with the means of the institution. Section 26 (1). 1, in the area of mortgages and mortgage bonds, etc.
26, no. 5 (E/I)
the real credit institution may calculate the assets and assets of each depositor ;
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
the establishment ' s administrative and accounting practices in significant areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
the overall system, data and reliability of the establishment and the functioning of the establishment ;
the company ' s stock of securities and similar activities is carried out in the establishment,
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of the financial undertakings legislation ;
§ 6, nr. 2 (E)
the exposures to and received security grants from the members of the board or directors and undertakings in which they are directors or members of the management board have been granted subject to the company ' s customary conditions ; business conditions and market-based terms, cf.. Section 78 (1). 2, in the Act of Finance
§ 6, nr. 3 (E)
the financial undertaking does not have the involvement of businesses owned or operated by the management or other executives or in the other way, in the management or operation, in accordance with the management or operation of the management or other management. § 80, paragraph. One, two, and eight, two. pkt;, in the law of financial activities,
3. Insurance companies
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit,
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on conditions or documents that we or the employees of the internal audit have drawn up the basis for :
Dicordance of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the financial undertaking concerning the control of compliance with the speculative ban in accordance with section 77 (2) ; 4, in the law of financial activities, be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 77 (3). 5, in the case of financial activities, no time has been given ;
Section 5 (5). 1, no. 3 (E/I)
business procedures have been established for the purposes of compliance with the provision on corporate engagements in section 182 of the financial undertaking ;
Section 5 (5). 1, no. 4 (E/I)
no significant deficiencies have been identified in connection with the review of the operations between the enterprise and undertakings covered by Section 2 of the corporate transactions
Section 5 (5). 1, no. 4 (E/I)
a detailed description of the group internal transactions, which are of major importance or exceptional nature, have been provided, 5)
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with the section 28 of the Audit Order of the Court of Auditors, we must inform you that :
§ 28, no. 1 (E/I)
which are justified in the assumption that the technical provisions have been made in such a way that they are sufficient to cover all the insurance undertakings on balance in the balance day, but, at the same time is not greater than necessary
§ 28, no. 2 (E)
the insurance undertaking fulfils the requirements of the rules on the law applicable to The necessary observations have been made following the notification concerning the registration of assets in insurance undertakings, and so on, on page ... 6)
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
the establishment ' s administrative and accounting practices in significant areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
the overall system, data and reliability of the establishment and the functioning of the establishment ;
the company ' s stock of securities and similar activities is carried out in the establishment,
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of the financial undertakings legislation ;
§ 6, nr. 2 (E)
the exposures to and received security grants from the members of the board or directors and undertakings in which they are directors or members of the management board have been granted subject to the company ' s customary conditions ; business conditions and market-based terms, cf.. Section 78 (1). 2, in the Act of Finance
§ 6, nr. 3 (E)
the financial undertaking does not have the involvement of businesses owned or operated by the management or other executives or in the other way, in the management or operation, in accordance with the management or operation of the management or other management. § 80, paragraph. One, two, and eight, two. Act. in the law of financial activities,
In accordance with the Court of Auditors ' section 29, we have to declare that :
§ 29 (E)
the financial statement of capital and the risks to be reported shall be reported to the Financial supervision. 31. Determination shall be made in accordance with the guidelines in force, cf. guide to reporting schemes for information on capital and risks in life, damaged and reinsurance undertakings, transverse pension funds, and work-related companies.
4. Fund Broker Companies
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit,
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4 shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on conditions or documents that we or the employees of the internal audit have drawn up the basis for :
Dicordoration of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the financial undertaking concerning the control of compliance with the speculative ban in accordance with section 77 (2) ; 4, in the law of financial activities, be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 77 (3). 5, in the case of financial activities, no time has been given ;
Section 5 (5). 1, no. 3 (E/I)
business procedures have been established for the purposes of compliance with the provision on corporate engagements in section 182 of the financial undertaking ;
Section 5 (5). 1, no. 4 (E/I)
no significant deficiencies have been identified in connection with the review of the operations between the enterprise and undertakings covered by Section 2 of the corporate transactions
Section 5 (5). 1, no. 4 (E/I)
a detailed description of the group internal transactions, which are of major importance or exceptional nature, have been provided, 7)
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with Article 30 (3) of the Court of Auditors, 1, shall we indicate that :
~ 30 (5)) 1, no. 1 (E/I)
the fund agent, if it has a minimum capital requirement of 0,3 million, The euro, cf. § 125, paragraph 1. 2, no. 4, in the field of financial operations and services of derivatives contracts, the derivatives contracts with other securities trades ;
~ 30 (5)) 1, no. 2 (E/I)
the company ' s company is in accordance with the consent of the company to operate the fund-broiler business, cf. Annex 4 to the financial undertaking, as well as any possible. Ownership holdings shall be in accordance with section 26 (s). 1 in the Act of Finance
~ 30 (5)) 1, no. 3 (E/I)
the fund mediator may calculate the assets and assets of each depositor ;
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
the establishment ' s administrative and accounting practices in significant areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
the overall system, data and reliability of the establishment and the functioning of the establishment ;
the company ' s stock of securities and similar activities is carried out in the establishment,
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of the financial undertakings legislation ;
§ 6, nr. 2 (E)
the exposures to and received security grants from the members of the board or directors and undertakings in which they are directors or members of the management board have been granted subject to the company ' s customary conditions ; business conditions and market-based terms, cf.. Section 78 (1). 2, in the Act of Finance
§ 6, nr. 3 (E)
the financial undertaking does not have the involvement of businesses owned or operated by the management or other executives or in the other way, in the management or operation, in accordance with the management or operation of the management or other management. § 80, paragraph. One, two, and eight, two. pkt;, in the law of financial activities,
5. Investment management companies whose sole authorization shall be subject to section 10 (4). 2, in the Act of Finance
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit, and
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on conditions or documents that we or the employees of the internal audit have drawn up the basis for :
Dicordance of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the financial undertaking concerning the control of compliance with the speculative ban in accordance with section 77 (2) ; 4, in the law of financial activities, be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 77 (3). 5, in the case of financial activities, no time has been given ;
Section 5 (5). 1, no. 3 (E/I)
business procedures have been established for the purposes of compliance with the provision on corporate engagements in section 182 of the financial undertaking ;
Section 5 (5). 1, no. 4 (E/I)
no significant deficiencies have been identified in connection with the review of the operations between the enterprise and undertakings covered by Section 2 of the corporate transactions
Section 5 (5). 1, no. 4 (E/I)
a detailed description of the group internal transactions, which are of major importance or exceptional nature, have been provided, 8)
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
the establishment ' s administrative and accounting practices in significant areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
the overall system, data and reliability of the establishment and the functioning of the establishment ;
the company ' s stock of securities and similar activities is carried out in the establishment,
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of the financial undertakings legislation ;
§ 6, nr. 2 (E)
the exposures to and received security grants from the members of the board or directors and undertakings in which they are directors or members of the management board have been granted subject to the company ' s customary conditions ; business conditions and market-based terms, cf.. Section 78 (1). 2, in the Act of Finance
§ 6, nr. 3 (E)
the financial undertaking does not have the involvement of businesses owned or operated by the management or other executives or in the other way, in the management or operation, in accordance with the management or operation of the management or other management. § 80, paragraph. One, two, and eight, two. pkt;, in the law of financial activities,
6. Investment management companies that are allowed under section 10 (4). 2, cf. Section 9 (1). 1, in the Act of financial activities,
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4 shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit, and
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on conditions or documents that we or the employees of the internal audit have drawn up the basis for :
Dicordance of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the financial undertaking concerning the control of compliance with the speculative ban in accordance with section 77 (2) ; 4, in the law of financial activities, be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 77 (3). 5, in the case of financial activities, no time has been given ;
Section 5 (5). 1, no. 3 (E/I))
business procedures have been established for the purposes of compliance with the provision on corporate engagements in section 182 of the financial undertaking ;
Section 5 (5). 1, no. 4 (E/I)
no significant deficiencies have been identified in connection with the review of the operations between the enterprise and undertakings covered by Section 2 of the corporate transactions
Section 5 (5). 1, no. 4 (E/I)
a detailed description of the group internal transactions, which are of major importance or exceptional nature, have been provided, 9)
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with Article 30 (3) of the Court of Auditors, 2, shall we inform you that :
~ 30 (5)) 1, no. 1 (E/I)
the investment management company, if it has a minimum capital requirement of 0,3 million, The euro, cf. § 125, paragraph 1. 2, no. 4, in the field of financial operations and services of derivatives contracts, the derivatives contracts with other securities trades ;
~ 30 (5)) 1, no. 2 (E/I)
the investment management company is in accordance with the undertaking ' s authorization to operate investment management activities,
~ 30 (5)) 1, no. 3 (E/I)
the investment management company may calculate the assets and assets of each depositor ;
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
the establishment ' s administrative and accounting practices in significant areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
the overall system, data and reliability of the establishment and the functioning of the establishment ;
the company ' s stock of securities and similar activities is carried out in the establishment,
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of the financial undertakings legislation ;
§ 6, nr. 2 (E)
the exposures to and received security grants from the members of the board or directors and undertakings in which they are directors or members of the management board have been granted subject to the company ' s customary conditions ; business conditions and market-based terms, cf.. Section 78 (1). 2, in the Act of Finance
§ 6, nr. 3 (E)
the financial undertaking does not have the involvement of businesses owned or operated by the management or other executives or in the other way, in the management or operation, in accordance with the management or operation of the management or other management. § 80, paragraph. One, two, and eight, two. pkt;, in the law of financial activities,
7. Investment associations
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit, and
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on conditions or documents that we or the employees of the internal audit have drawn up the basis for :
Dicordance of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the association of Article 34 (1). 4, in the Law on investment associations and special associations as well as other collective investment schemes, etc. are considered to be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 34 (1). 5, in the Law on investment associations and special associations as well as other collective investment schemes, etc. have not given rise to any comment ;
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal auditing functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with the Court of Auditors ' section 31, we must inform you that :
§ 31, nr. 1 (E/I)
the calculations of the emission and solution rate shall be calculated in accordance with the provisions of Article 48 (3). 5, in the Law on investment associations and special associations as well as other collective investment schemes, etc. issued notice
§ 31, nr. 2 (E/I)
the location rules, cf. Chapter 13-14 of the law on investment associations and special associations and other collective investment schemes, etc., are complied with ;
§ 31, nr. 3 (E/I)
the association or department has not been or is at least under the law of the law making a fortune for fortune, cf. Section 4 (4). 7, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
The administrative and accounting practices of the association in essential areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
-The unifying system, data and reliability of the assembly is and is working comforting,
-the association of the association of transferable securities and the like-related process shall be carried out ;
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of legislation relating to investment associations ;
8. Special associations
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit, and
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on conditions or documents that we or the employees of the internal audit have drawn up the basis for :
Dicordance of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the association of Article 34 (1). 4, in the Law on investment associations and special associations as well as other collective investment schemes, etc. are considered to be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 34 (1). 5, in the Law on investment associations and special associations as well as other collective investment schemes, etc. have not given rise to any comment ;
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with the Court of Auditors ' section 31, we must inform you that :
§ 31, nr. 1 (E/I)
the calculations of the emission and solution rate shall be calculated in accordance with the provisions of Article 48 (3). 5, in the Law on investment associations and special associations as well as other collective investment schemes, etc. issued notice
§ 31, nr. 2 (E/I)
the location rules, cf. Chapter 15 of the Law on investment associations and special associations and other collective investment schemes, etc., are complied with ;
§ 31, nr. 3 (E/I)
the association or department has not been or is at least under the law of the law making a fortune for fortune, cf. Section 5 (5). 7, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
The administrative and accounting practices of the association in essential areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
-The unifying system, data and reliability of the assembly is and is working comforting,
-the association of the association of transferable securities and the like-related process shall be carried out ;
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of legislation concerning special associations ;
9. Fåmen Associations
Determination of the auditing notice
Dicordings of the Confirs
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit, and
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on conditions or documents that we or the employees of the internal audit have drawn up the basis for :
Dicordance of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the association of Article 34 (1). 4, in the Law on investment associations and special associations as well as other collective investment schemes, etc. are considered to be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 34 (1). 5, in the Law on investment associations and special associations as well as other collective investment schemes, etc. have not given rise to any comment ;
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with the Court of Auditors ' section 31, we must inform you that :
§ 31, nr. 1 (E/I)
the calculations of the emission and solution rate shall be calculated in accordance with the provisions of Article 48 (3). 5, and Section 113 of the Law on investment associations and special associations as well as other collective investment schemes, etc. issued notice
§ 31, nr. 2 (E/I)
the location rules, cf. Chapters 13 to 15 and Section 113 of the Law on investment associations and special associations as well as other collective investment schemes, etc., are complied with ;
§ 31, nr. 3 (E/I)
the association or department has not been or is at least under the law of the law making a fortune for fortune, cf. § 111, paragraph 1. 6, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.
Dicordance of declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
The administrative and accounting practices of the association in essential areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
-The unifying system, data and reliability of the assembly is and is working comforting,
-the association of the association of transferable securities and the like-related process shall be carried out ;
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions contrary to the requirements of legislation relating to sheep ' s associations ;
10. Hedgeassociations
Determination of the auditing notice
Confirftels wordings
In accordance with Article 4 (4) of the Court of Auditors, 4, shall we confirm that :
Section 4 (4). 4 (S)
we have complied with the ban on assistance and advisory tasks, cf. section 24 (2). FOUR, ONE. pkt;, in the law of authorised auditors and auditing establishments, including that :
-we or other persons in the audit establishment have not taken part in the bookkeeping or similar registrations that form the basis of the annual report or any other relationship that is affidavit, and
-we or any other person in the audit company has not contributed to the preparation of the annual report or any other document relating to the declaration ;
In accordance with Article 17 (4) of the Court of Auditors, 4, shall we confirm that :
§ 17, paragraph 1. 4 (I)
we have not come into a situation where we declare ourselves or provide information on conditions or documents that we or the employees of the internal audit have drawn up the basis for :
Dicordoration of information
In accordance with Article 5 of the Court of Auditors, we must inform you that :
Section 5 (5). 1, no. 1 (E)
the guidelines of the association of Article 34 (1). 4, in the Law on investment associations and special associations as well as other collective investment schemes, etc. are considered to be reassuring and have functioned appropriately ;
Section 5 (5). 1, no. 2 (E)
control of compliance with the speculative ban in accordance with section 34 (1). 5, in the Law on investment associations and special associations as well as other collective investment schemes, etc. have not given rise to any comment ;
Section 5 (5). 2, no. 1 (E)
the agreed upon tasks performed by the audit agreement to be carried out by internal audits have been carried out and that the internal audit functions satisfactorily, including the fact that the external audit has not become familiar with a single or combined operation, forces that the internal audit functions independently of the day-to-day administration ;
Section 5 (5). 2, no. 2 (E)
we agree with the content of the minutes of the internal audit records relating to the financial year ;
In accordance with Article 17 (4) of the Court of Auditors, 5, shall we inform you that :
§ 17, paragraph 1. 5 (I)
we have received all the information requested ;
In accordance with the section 32 of the Court of Auditors ' Article 32, we must inform you that :
$32, no. 1 (E/I)
the calculations of the emission and solution rate shall be calculated in accordance with the provisions of Article 48 (3). 5, Section 114 of the law on investment associations and special associations and other collective investment schemes, etc. issued notice
$32, no. 2 (E/I)
the association or department has not been or is at least under the law of the law making a fortune for fortune, cf. § 114 A (3) (a) 6, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.
Declarations of Declarations
In accordance with the Court of Auditors ' section 6, we must declare that :
§ 6, nr. 1 (E/I)
The administrative and accounting practices of the association in essential areas, including business procedures and internal control procedures, are organised and shall operate in a reassuring manner. In this connection, we must also declare that :
-The unifying system, data and reliability of the assembly is and is working comforting,
-the association of the association of transferable securities and the like-related process shall be carried out ;
-the bookkeeping is organised in such a way as to provide the basis for reports to be carried out to the Financial supervision, and
-we have not been acquainted with conditions which are contrary to the requirements of legislation relating to hedge funds ;
11. Value traders
In accordance with the Court of Auditors ' section 37, we must inform you that :
§ 37 (E/I)
The Securities Handler complies with the provisions of section 72, paragraph 1. 1-3 in the Act of financial activities, including :
-that we have not been acquainted with conditions contrary to the requirements of publication of the organizational requirements and the conditions governing the operation of activities as securities trades ;
1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11)

Appendix 2

Rollup of comments in the audit protocol latet concerning the annual report

1. Determination

The following details are detailed for the content of the provision, including an interpretation of the central words in the provision.

1.1 determination of the determination of the determination

The requirement to sum up all the observations made in the revision notice section 4 (4) of the review. TWO, TWO. and 3. pkt., as well as section 17 (3). THREE, TWO. and 3. Act. :

In a separate section of the Protocol Platform for the annual report, the auditors (external audits respectively) shall sum up the audits to which the audit has given rise to the Board of Directors. The summary shall contain a status of the comments made concerning the financial year in question and a status of the comments that were made as an inauspices in the Protocol on the previous annual report.

1.2 Claim for a separate section

The requirement for a separate section on comments is mandatory. In other words, the separate section on remarks must always be included, whether there are any comments or not. This applies both to the external audit and in the internal audit protocol.

If the external audit agrees with the contents of the internal audit protocol, 12) it is sufficient that any comments may be made only in the minutes of the internal audit protocol. Where appropriate, the minutes of the separate section of the external audit protocol indicate that comments are apparent in the minutes of the internal audit protocol. However, certain conditions are such that they need to be referred to in both the external audits and the internal audit protocol, such as conditions, which result in reservations and / or additional information in the review drawing.

The separate section should be placed in a place where it is easy to find, and must appear in a headline that makes it clear where the comments are summarized. If a table of contents of the audit protocol latet is drawn up for the annual report, the position of the test shall be indicated.

1.3 Summary Requirement

The idea of the regulation is to create an overview. A summary (on a few lines) of each of the comments that are made is therefore better than a repeat of the whole description. However, the problem position itself must appear in the summary. A number of observations concerning the same conditions should also be compared where this is appropriate. For example, it may be appropriate to composite several comments to the business loan for a single point.

The summary of remarks must be made at company level. Comments from subsidiaries which are relevant at the group level shall also be included for groups that are relevant at the group level, cf. the revision notice section 5 (5), 3.

1.4 Kravet on all comments

All -all without exception-the comments made in the auditing protocol shall be summarised in the separate section of the Protocol Platform for the annual report.

Consequently, a decision may not be taken into consideration by determining whether a comment should be summed up.

In the case of the annual report, a relationship that was made in the audit protocol will be included in the annual report in the annual summary of the statement. It is not enough, therefore, that, during the course of the year, it has been clarified that a comment has been made. It must also be stated in the first annual summary. Only then will the comment be deleted from the future annual summaries.

1.5 Remarks versus Comments

One Note the auditor's point of view of the fact that a relationship is not in accordance with relevant rules, injunctions, agreements ; 13) or standards (including "good practice") that may be in force for the area in question. A remark may also include a condition which, in the application of its professional experience, does not consider appropriate, without prejudice to specific rules, rules, agreements or norms.

One comment the supplementary information of the auditor relating to a given ratio shall be understood.

Notices are therefore not the same as comments. The function of a comment is to draw the attention of the Management Board to conditions that are not in accordance with rules and so on, or which are not appropriate. The function of a comment, on the other hand, is only to clarify a situation that has not given rise to any comment.

A second difference between a comment and a comment is that a remark relates to a situation that is helpful.

The following conditions will typically give rise to comments of relevance to the Administrative Board :

-WHAT? exceeding the solvency limits, the exposures, mortgages, breaches of the speculative limits, the crossing of locations, non-compliance with the minimum requirements of the law for the capital requirement / capital requirement, etc.,

-WHAT? failure to comply with the Management Board ' s obligations in respect of the company law, the law on financial activities and the specific sectoral laws, the accounting law, the annual accounting law,

-WHAT? breaches of notification requirements for the Financial supervision,

-WHAT? other offences, 14)

-WHAT? the measures taken from the Financial supervision which have not yet been complied with ;

-WHAT? declarations made in the audit protocol, which the auditor has notes, required declarations in the auditing protocol.

-WHAT? the conditions resulting from reservations and / or additional information in the drawing up of the review drawing ;

-WHAT? business corridors where there is a stated need to strengthen internal controls (without affecting the information that the business entries are reassuring),

-WHAT? exceeding the lines / guidelines laid down by the board, and

-WHAT? systems, internal control procedures or arrangements that are not appropriate and / or effective, cf. the auditing order, section 35 (1). 1.

It should be stressed that the abovementioned list is not exhaustive, but just a number of examples of the relevant types of comments.

1.6 Requirement to give a status

The provisions call for a given of the status for

-WHAT? the comments made concerning the financial year in question, and

-WHAT? the comments that were made as an inauspient in the protocol on the previous annual report.

Comments made during the current financial year shall include comments in the minutes of the year during the year and the annual protocols of the year. The crux of the matter is whether the comment has been made as part of the review concerning the financial year in question.

The status must include a reference to the pages where the comments have been referred to in the relevant annual protocol, as well as references to the protocols relating to the preceding annual reports, if not the first time the comment is referred to.

Remarks can have two types of status-either offheld or Open.

Ex-remarks

Remarks may have been unsolved in one of two ways :

-WHAT? the relationship is no longer relevant, or

-WHAT? The relationship has been remedies.

Remarks that have lost their relevance may, for example, be comments about problems in the calculation of value adjustments for securities in a fund system where the fund system subsequently replaced with a new fund system that can calculate value adjustments correctly. Furthermore, comments can be made concerning a specific infringement of the rules of speculation, which are not the expression of bad internal controls. Fraud is also an example of remarks made once again, then to lose their relevance.

Notes that have been remedial may be comments, for example, about the absence of a business description, which is subsequently produced.

In the case of each of the remarks made, it must be stated how the relationship has been clarified.

Opent Comments

Comments that are not remedies are inautiable. In the case of each of the injuns, it must be stated at which point the management expects that the relationship is remedial. If the relationship is partially remedies, this must also be stated. In addition, the status of the expected remedial time is to be set out in the process.

As the audit is carried out, taking into account the company ' s internal control environment, it is appropriate that auditor verification of whether prior comments have been clarified. The review is carried out on the basis of an assessment of materiality and risk, which means, inter alia, the use of a rotation principle so that there is further between the revision of areas which are less important and risk-filled, other than areas that are subject to change. material and risk-filled. However, the auditor should relate to previously made comments when the review next time includes the area to which the comment relates.

Therefore, details on how the individual remarks are made or expected to be made are not part of the audit, and the information on this can therefore be based on information received by the management (organization).

If the professional scepticism of the auditor does that the auditor has reason to doubt the enlightened information, the auditor shall verify the validity of the information.

Will the auditor be aware that the information provided by the management (organization) given information about clarification of comments is misleading or incorrect, the auditor shall inform the Board of Directors of this in the audit protocol.

Moreover, if the auditor becomes aware of the facts that should have been remedies, but has not yet been, the auditor shall examine the territory in question in the following year. If the explanatory statement is made at the heart of the accounts, the auditor shall review the audit plan and, to the extent necessary, compensatory audit work for the current year.

2. Examples

The following are two examples illustrating how the auditor can summarize his remarks in such a way that they meet the requirements of the auditing notice. The first model may be used in the case where the external audit refers to the internal auditing remarks. The second model shows how the separate paragraph on the remarks can be drawn up.

Example 1

X. Rollup Summary

' In accordance with the auditing notice, the audit in a separate section of the audit protocol latet to the annual report and the group accounts shall summarate all the observations made by the audit to be present to the Administrative Board. The summary shall contain a status of the comments made concerning the financial year in question and a state of the comments which were made as an inauspices in the minutes of the previous financial year.

It has been agreed with the Internal Audit to sum up in the audit publication alone in the Internal Audit Review Protocol, to which we refer.

We do not have any further comments on this '.

Example 2

X. Rollup Summary

' In accordance with the auditing notice, the audit in a separate section of the audit protocol latet to the annual report and the group accounts shall summarate all the observations made by the audit to be present to the Administrative Board. The summary shall contain a status of the comments made concerning the financial year in question and a state of the comments which were made as an inauspices in the minutes of the previous financial year.

Notes that have been clarified during the financial year 200x is marked with A, and comments that are open have been marked with a Y. The page references listed refer to the pages of the audit protocol where the comments have been referred to. In cases where it is not the first time the comment is referred to, the reference shall also include references to the minutes of the preceding annual reports, in addition to the reference to the minutes of the protocol relating to the financial year in question.

Unless otherwise stated, we have not been able to verify the extent to which comments have been remedied / during remediation.

Speenation Rules (A-Page xxx)

The ban on ... has been breached in two cases. According to the enlightened ........

The lending area (Å-page xxx, page xxx)

There is a general need to update business-off descriptions so that they correspond to actual-and, incidentally, reassuring-business practices. According to the information provided, the business access descriptions will be updated in the course of xxxxx, while implementing the new xxx system.

Value area (Å-page xxx, A-page xxx, and Å, xxx, xxx)

We have found that there have been problems with regard to the voting of foreign securities in the Fund area. We have launched measures to reinforce internal controls on foreign securities and, according to the information, the work is expected to be carried out in the course of the autumn of 200x.

We have found that the board's instructions now contain a description of the products front-office must act, as well as requirements for the management of market risks.

An up-to-date stock book is not available in accordance with section 25 of the company law. We have been informed that an updated stock book will be submitted to the board meeting of the x. March 200x.

IT usage (Å-page xxx)

There is a need for the establishment of a contingency plan for the servers operating at the InternetBank. Management has developed an action plan to improve disaster response, which is expected to be implemented in 1. Quarter 200x.

Corporate internal transactions (A-page xxx, A-side xxx, and Å, xxx, xxx)

The activities of the 200x in the year 200x were not subject to the guidelines for the implementation of corporate transactions, but we have now checked that these companies are subject to the approval of the guidelines by the board.

The agreement with xxxxx that was put into effect without the formal approval of the Executive Board. We have established that the agreement has now been approved by the Executive Board.

The settlement of commissions is based on an agreement with yyyyy that is not up to date. We have subsequently found that an update of contracts relating to commissions has been launched and is expected to be completed in the second quarter of 200X.


Appendix 3

Internal audit tasks and behavior

The audit information provides a framework within which the internal audits must carry out tasks. The purpose of this is to ensure the independence of the internal auditing activities of the activities being revised.

In the following section 1, the outline of the internal audits shall be taken into account before an assignment is taken. Secondly, in paragraph 2, there are a number of examples of tasks that the internal audit may not be able to perform.

1. The provisions of the auditing notice

1.1 Only Revision

In accordance with Article 12 (2) of the Court of Auditors, 2,

-WHAT? the audit director and the staff of the internal audit shall not participate in any other work in the enterprise or group than audit.

1.2 Independence

In accordance with the Court of Auditors, section 12 (2). 3,

-WHAT? the internal audit shall not undertake tasks where circumstances are appropriate to raise doubts with a informed third party of the independence of the internal auditing.

This is stated in the section 14 of the Court of Auditors ' Article 14. 3 that

-WHAT? The auditing tasks must not cause the DAS to arrive in a situation in which they declare themselves or provide information on the facts or documents drawn up by the audit person or staff of the internal audit.

The provisions shall ensure the independence of the internal auditing system. The audit report shall carry out declarations in accordance with the auditing notice and shall also draw up the annual report if it is elected by the Administrative Board. The internal audit must, therefore, always protect its independence, as an external audit must protect its independence. The internal audit, however, has a slightly different starting point for its independence, due to its particular role in the financial establishment.

The internal audits must, in order to protect its independence, always be aware that the audit report and the staff in the internal audit shall :

-WHAT? has an obligation to identify and assess circumstances and relationships that make threats to independence and to document the fact that they have provided for it ;

-WHAT? take the necessary steps to eliminate these threats or reduce them to an acceptable level through the use of safeguards, as far as possible, the point of departure is that they are employed in the enterprise ; and

-WHAT? must not carry out audit tasks that may result in the occurrence of any circumstances likely to arouse doubt in an informed third party of the independence of the internal auditing.

1.3 Adequate competence

This includes the internal audit, cf. Section 14 (4) of the auditing notice. 2

-WHAT? alone must take on the work tasks that it has sufficient competence to perform.

The following is the delimitation of the tasks in accordance with the provisions of the audit report and the staff of the internal audits shall be dishoned.

2. Examples of workspaces for the internal audit

2.1 Financial revision and review

Financial review and review shall include review and review of historical financial information, including annual reports, half-year reports, etc. The work includes a review and evaluation of the business procedures and the manual and system-based controls. which is linked to the production of historical financial information.

Internal audit tasks include-depending on skill levels and whether it is chosen that internal audit is responsible for the annual report or not-for example :

-WHAT? audit and publication of the review certificate of annual reports,

-WHAT? review of perioderous reports,

-WHAT? the submission of declarations, information and information under the financial activities and auditing notice ;

-WHAT? submission of declarations to public authorities,

-WHAT? external audit assistance in the issue of the issuing of capital and the supply of shares,

-WHAT? assessing whether business practices and internal controls comply with the Act of financial activities § 71 with associated guides and internal guidelines ; and

-WHAT? assistance with due diligence at the purchase / sale of a business.

In most cases, the main task of internal audits will be participation in the financial review. However, the focus of internal audit focus is more and more frequently directed at the operational audit, cf. the address below, i.e. the absence of internal audit involvement in the financial review of the annual report shall be deduce or reduced.

If the audit report is responsible for the annual report, the audit director shall participate in the review of the essential and risk-filled areas, cf. Section 15 (15) of the auditing notice. 2. Assessment of which areas are essential and risk-filled shall be carried out according to the guidelines of the audit standard 315, and will depend on the individual company type and complexity.

In credit institutions, for example, lending, fees, trade and property, property, unlisted capital and financial instruments, as well as liabilities such as pension commitments and guarantees, will be of major importance as well as risk-filled, including risk-made, including risk-making. due to complex rules, the application of models, compliance with the rules of place of application and the uptaking of solvency.

For example, in insurance undertakings, premium revenues, compensation costs / insurance services and the return on investment shall be regarded as essential and risky. The associated investments and deposits for insurance and investment contracts and reassurance and derivative financial instruments are usually significant and risk-filled areas.

The content of the annual report, including the management report, accounting and accounting records, 5-year summary and notes, as well as applied accounting practices, shall be considered as being essential and risk-filled. The above examples for each company type are only intended as an inspiration, because in all cases a specific and documented individual assessment must be carried out on the essential and risky areas associated with each of the individual Member States ; corporate activity.

The internal audit shall not, within the framework of the audit, undertake tasks where circumstances are suitable for raising doubts in an informed third party of the independence of the internal audit. In the performance of the financial audit, the internal audit may not, for example, be :

-WHAT? contribute to taking decisions or taking responsibility for it ;

-WHAT? carry out control tasks-be part of internal control,

-WHAT? the preparation or preparation of the annual report or other accounts of historical financial information,

-WHAT? accounting or other registering,

-WHAT? participate in the recruitment of employees to the establishment, excluding recruitment of employees to the internal audit ;

-WHAT? manage payroll, property, conversions, or similar or

-WHAT? show payments or be the procurages of the financial undertaking in other areas other than those relating to costs related to the internal audit.

This applies regardless of whether the audit report is responsible for the annual report or not.

The tasks that have been mentioned are not audited, cf. Section 12 (2) of the auditing notice. 2, as well as internal audits will conflict with the ban on self-audit by carrying out the tasks that have been mentioned, cf. Section 14 (4) of the auditing notice. 3.

Prior to internal audit, tasks that are not listed in the function description or where to use a larger hourly shall be required to obtain acceptance before the task is accepted by the audit director or any audit committee.

2.2 Operational Revision

Operational audits shall mean an assessment of the company ' s processes, with the aim of testing and reporting whether they are in accordance with the objectives set out by the management.

Operational review shall include, inter alia, the activity and size of the establishment, including a process review of efficiency, an assessment of the reliability of the financial and operational reporting, compliance with laws and regulations ; and ensuring the company ' s values. Investiception of fraud can be considered.

For example, the internal audit shall not :

-WHAT? contribute to taking decisions or taking responsibility for it ;

-WHAT? carry out control tasks-be part of internal control,

-WHAT? stand for the implementation of changed operating routines, including efficiency measures and rationalizations ;

-WHAT? stand for the preparation of the daily monitoring and reporting of the target filling,

-WHAT? participate in the setting of the operational objectives,

-WHAT? decide or stand for the implementation of penalties in deceit fraud or

-WHAT? determine or stand for the preparation of operational strategies and processes.

The extent of the operational audit shall be agreed with the Management Board in the function description, however, so that the agreed tasks are kept within the framework of the auditing notice.

2.3 Revision of risk management

Funding companies are exposed to different types of risk. The main risk types are credit risk, market risk, liquidity risk, operational risk and risk of risk. The audit shall include the established risk management within the individual risk types, including the required and established reporting structure.

Internal audits must assess whether the established policies are within the framework of the law on financial activities, with associated notices and guides. Internal audits cannot undertake monitoring tasks so that internal audits will be part of the internal control apparatus.

For example, the development of risk management strategies for the Administrative Board's approval, as well as setting the risk-level, type-management tasks that cannot therefore be carried out by the internal audit.

Internal audits cannot take on the development and control tasks in relation to individual types of risk, as the internal audit will be able to come into a situation in which it has to declare itself on tasks which it itself contributed to the preparation of.

As a starting point, there is nothing to prevent internal audits as the independent unit in relation to paragraph 75 of the appropriate base capital and the individual solvency needs of the individual solvency requirement if the internal audit is independent, and not ; are conflicting with other laws and rules.

2.4 Review of the compliance function

Compliance is responsible for assisting management in effectively managing the company's compliance risks. If an independent compliance function is not established, the day-to-day management shall be responsible for dealing with any compliance risks and designate another entity responsible for carrying out the necessary controls.

Internal audits must, based on materiality and risk, review and assess whether the operations established in the company for handling compliance with the activities of the compliance function are reassuring. Internal audit may not perform compliance with the compliance function or parts thereof, as this is incompatible with the audit task (self-audit).

2.5 Audit Tasks that do not directly relate to the annual report

Tasks that are not part of the audit work leading to the endorsement of the annual report, but which are considered to be an audit task, must be explicitly stated in the function description.

However, this does not apply to audit work on the submission of declarations and information under the revision notice that does not relate to the endorsement of the annual report.

3. Behavior

Audit schefers, vicerevider schefer and internal audits must comply with the ethical principles set out in such a way that both the individual auditor and the department are not adversely affected.

Integrity

Accountant must be honest and honest in all professional and business connections.

Object Activity

Accountant must not be prejudiced, have conflicts of interest, or be under undue influence on others, so that professional and business judgment is suppressed.

Professional competency and necessitzing

Accountant is required to maintain its professional expertise and skills at a level necessary to ensure that a qualified professional service is provided based on an up-to-date knowledge of the latest developments in good practice, legislation and methods. Accountant must be carried out in the delivery of professional services and in accordance with relevant professional and professional standards.

Confidentiality

The auditor must respect the confidentiality of information obtained under the employment relationship and shall not disclose such information to a third party without proper and specific authorisation to do so unless there is a legal or professional right or Duchore. Confidential information obtained under the employment relationship must not be used to gain personal advantage to an auditor or a third party.

Professional Behaprowability

The auditor must comply with relevant legislation and other regulation and avoid any form of behaviour which may discredit internal and external audits.

An additional source of inspiration can be obtained in the IFAC Code of Code of Etics for Professional Accountants located on the IFAC website (www.ifac.org) or IIA ` s ethical rules set on the IIA ` s website (www.theiia.org). The Ethics rules are also published by the FSC in a version adapted to Danish conditions.

Official notes

1) The declaration contains provisions implementing the Commission Directive no. 2006 /73/EC of 10. In August 2006, on the implementation of the European Parliament and Council Directive 2004 /39/EC, with regard to the organisational requirements and conditions for the operation of investment firms and definitions of concepts for the purposes of that Directive.

1) Reference is made to the appropriate page number in the audit protocol.

2) Reference is made to the section 24 (4) of the auditing notice. 3-5 for additional requirements made in the context of this declaration.

3) Reference is made to the section 24 (4) of the auditing notice. 3, for additional requirements to be made in connection with this.

4) Reference is made to the appropriate page number in the audit protocol.

5) Reference is made to the appropriate page number in the audit protocol.

6) Reference is made to the appropriate page number in the audit protocol.

7) Reference is made to the appropriate page number in the audit protocol.

8) Reference is made to the appropriate page number in the audit protocol.

9) Reference is made to the appropriate page number in the audit protocol.

10) Reference is made to the appropriate page number in the audit protocol.

11) Reference is made to the appropriate page number in the audit protocol.

12) There is a requirement that the external audit in its minutes of the annual report should indicate to the extent that external audit agrees with the contents of the internal audit protocol, cf. Section 5 (5) of the auditing notice. 2, no. 2.

13) Including special requirements, such as the management board or shareholders.

14) As auditor's work is done in order to make a review of an annual report, the auditor will rarely encounter infringements of legislation other than corporate laws, tax laws and sector-specific laws. However, in the audit protocol, however, the auditor must inform you of infringements of any law to the extent of the auditor shall be referred to.