Novo Nordisk applies different mechanisms to ensure assurance. The assurance processes are not just important to us but also to our stakeholders. It is important that what we report is material, complete and done in a responsive manner to our stakeholders.
Since the publication of our first Environmental Report in 1994, Novo Nordisk has had external third parties reviewing the data and information published in the external reporting. Novo Nordisk strongly believes that external assurance is an important element of being accountable and transparent in reporting.
Assurance standards
The assurance processes are not just important to us but also to our stakeholders. It is important that what we report is material, complete and done in a responsive manner to our stakeholders.
The consolidated financial statements of the Annual Report have been presented in accordance with IFRS, and the Annual Report as a whole in accordance with the Danish Financial Statements Act and additional Danish reporting requirements.
The Annual Report has been assured according to AA1000AS. Novo Nordisk has used AA1000AS in its assurance process since 2002. This is the second year in which Novo Nordisk is reporting according to the AA1000APS(2008) and the assurance process has been carried out according to the AA1000AS(2008).
Our assurance process is aligned with the internal control processes in the company, from individual affiliates and facilities to board level. For Novo Nordisk it is important to understand that different elements assure in different ways for different stakeholders.
The assurance process related to the Annual Report consists of an internal and an external assurance process. For more information please see sections below on external assurance and internal assurance.
In relation to accounting policies for financial and non-financial statements see Annual Report.
The Auditor's report for 2010 on financial and non-financial performance is found in our Annual Report.
External assurance processes
Below are some of the externally generated assurance mechanisms in place that can add assurance and thereby credibility to the company's activities and reporting with regard to accuracy, completeness and reliability for different stakeholders.
- Financial audits of annual financial results
- Assurance of annual non-financial results
- Share price
- FDA requirements and control in relation to products and production
- Regulatory approvals
- Benchmarks, ratings and surveys, eg Global Reporters 2006
- SRI ratings, e.g. SAM, Oekom, EIRIS, SIRI and others
- Inclusion in SRI indices, e.g. Dow Jones and FTSE4Good
- Community Growth Funds, e.g. World Diabetes Foundation
- External audits as part of ISO9001 and ISO14001 certification
- Annual Report (including non-financial information and other reporting formats, eg online report) and Quarterly Financial Statements
- Specialist publications, e.g. Novo Nordisk's stakeholder magazine Share
- Investor Relations Programmes
- Public policies and positions, e.g. animal welfare policies
- Memberships, e.g. Climate Savers programme
The governance structure and management systems which guide reporting in Novo Nordisk are described in the Corporate Governance section. A table containing all elements of the GRI Report Content by section and indicator can be found in the Global Reporting Initiative Index.
Internal assurance processes
Below are some of the internal assurance mechanisms in place to add assurance and thereby credibility to the company's activities and reporting with regard to accuracy, completeness and reliability.
Internal Audit assures by means of:
- Facilitations by independent facilitators, which is the follow-up method used to document compliance regarding the Novo Nordisk Way. In short it is a systematic approach to gaining insight into how units in the organisation are living the company's values.
- Internal audits as part of ISO 9001 and ISO 14001 certification.
Governance structures assure by means of:
- Audit Committee and 'whistleblower system'
- Group Internal Audit and quality audits, ombudsman function
- Risk management, eg Risk Committee and Risk Management process.
Accounting policies
The scope of the report and definitions are descibed in Annual Report 2010 under:
Auditor’s report on the Annual Report for 2010
The Novo Nordisk Annual Report 2010 integrates financial and non-financial performance. The Annual Report is presented with two auditors' report.