Audit Committee

Illustration of people working and talking at a table.

The Audit Committee of Reykjavík City operates under the City Council as stipulated in Chapter IX of Act No. 3/2006 on Annual Accounts, in a manner prescribed by this Resolution, the Resolution on the Management and of Reykjavík City and City Council Minutes, No. 638/2001 and as required by law.

Audit Committee minutes

Among other tasks, the Audit Committee shall be responsible for the following without limiting the responsibilities of the City Council, City Executive Council, and administrators:

  • Oversight of the accounting process.
  • Monitoring the structure and effectiveness of internal control, internal audit, and risk management.
  • Supervision of the audit of A operations annual accounts and the consolidated accounts of A and B operations.
  • Assessment of the independence of the external auditor and oversight of their other tasks for Reykjavík City.
  • Submitting a proposal to the City Council on the selection of external auditors and the appointment of an internal auditor.

The Audit Committee consists of four members. Three are appointed by the City Council, and one is appointed by the City Council based on the nomination of the board of Reykjavík Energy. There are three alternates.

The City Council elects a chair, while the Committee otherwise divides responsibilities among themselves. The term of office of the Committee is the same as that of City Council.

The City Executive Council elected members to the Audit Committee on August 23, 2018. Lárus Finnbogason was elected chair by acclamation.