Legal

Audit Committee Report on Activities and Assessment for 2022 — 11 bit studios S.A.

1 January 20225 pages1,514 words

Summary

The Audit Committee of 11 bit studios S.A. issued this report to detail its activities, composition, and regulatory compliance throughout the 2022 fiscal year. Operating under the Polish Act on Statutory Auditors and the Best Practice for GPW Listed Companies 2021, the committee’s primary thesis is that it effectively fulfilled its advisory and supervisory roles regarding financial reporting, internal controls, and risk management. The committee underwent a membership change in June 2022, maintaining a composition where the majority of members, including the Chairman, met statutory independence requirements. Key findings indicate that the committee held six meetings—four in-person and two remote—to address critical financial oversight tasks. Significant activities included summarizing the 2021 financial audit, reviewing the 2022 semi-annual reports, and conducting a detailed evaluation of "Project 8" in consultation with the company's management and auditors. A major focus of the 2022 period was the selection of a statutory auditor for the 2022–2023 term. After evaluating proposals from KPMG, EY, and PwC, the committee recommended PwC to the Supervisory Board. Furthermore, the committee performed a comprehensive update of its internal policies regarding auditor selection and the provision of non-audit services, utilizing external legal counsel to ensure alignment with current standards. The report concludes that the committee successfully monitored the independence of the auditing firm and provided the necessary assurance to the Supervisory Board regarding the integrity of the company's financial reporting processes.

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