Audit

Audit

The Board makes a proposal on the auditor at the proposal of the audit committee. The auditor is elected by the Annual General Meeting. According to the Articles of Association, the Company shall have one auditor that shall be a firm of authorized public accountants certified by the Finnish Chamber of Commerce. The audit of the subsidiaries shall be performed in principle by the same external auditor as the audit of the Group’s parent company.

The Board’s audit committee evaluates the work, independence and the procurement of other than audit services from the audit firm annually.

The auditor issues the legally required Auditor’s Report to the Company’s shareholders in conjunction with the financial statements. 

The 2018 Annual General Meeting elected the audit firm KPMG Oy Ab with Authorized Public Accountant Virpi Halonen as the main auditor. The Annual General meeting decided that the auditor's fee shall be paid according to the invoice approved by the Company.

According to the EU’s statutory audit directive, the same audit firm can be engaged as the company’s auditor for a maximum period of 10 consecutive years, after which the company must put its auditing out to tender. If the same audit firm is reselected through tendering, it can be re-engaged as the auditor for up to a further 10 consecutive years, after which the audit firm must be changed.