Laws, rules and standards

Swedish regulations and standards state that Swedish auditors and Audit firms are to conduct audit assignments in accordance with national law and relevant standards, regardless of the size or the form of the audit client.

For all audit assignments, the national regulations apply, such as the Auditors Act, other relevant laws such as the Companies Act, rules issued by the Swedish Supervisory Board of Accountants (the Board) and standards or recommendations issued by the profession's Institute Far. From year 2005, the modified ISA's, translated and adapted to Swedish circumstances, with additional national requirements, shall be applied for all audit engagements, regardless of the size of the client. The national additional regulations concern the board of directors' and management's administration, rules for protection of the Company's equity and specific tasks with reference to tax and criminal law.

The requirements on ethics and independence include national law and national and international standards.