Internal and External Audit

Internal audit

The Group does not have a separate Internal Audit organization due to the size of the Group’s operations. The Group Finance, led by CFO Jan-Elof Cavander, is responsible for regular reviews of financial performance and internal control procedures at all Group companies, and reporting significant findings to the CEO and the Board. From time to time, the management conducts or buys external services, if needed, to conduct specific and limited internal audits. The absence of an in-house internal audit organization is also taken into account in the external audit.

The managing director and the controller of each subsidiary meet annually with the local auditor to discuss internal control and statutory compliance issues. The auditors of each subsidiary provide an audit opinion to the auditors of the corporation at the conclusion of each annual audit. Each annual audit may also give rise to the preparation of a management letter to the corporation outlining their audit findings in greater detail and recommending any improvements in internal controls. In addition, the auditors of the corporation meet regularly with the Group Management representatives to discuss and review the business and related financial, accounting, internal control and risk management issues.

External audit

An external audit is performed annually in each of the Group companies and for the consolidated Group. Ernst & Young Oy auditor firm was elected as auditor in the annual general meeting on March 23, 2022. Ernst & Young Oy is responsible for the Group audit of the subsidiaries globally. The auditors of the parent company, Ernst & Young Oy, are responsible for instructing and coordinating the audit in all Group companies. The auditor with principal responsibility is Mikko Järventausta, CPA. The fact that the Group has no separate internal audit organization of its own is reflected in the scope and content of the audit. It was decided in the annual general meeting on March 23, 2022 that the fee of the auditor will be paid as according to an invoice accepted by the corporation. During the financial year 2021 the auditors of the corporation were paid altogether EUR 0.6 million (2020: EUR 0.7 million) as auditing fees and EUR 0.2 million (2020: EUR 0.2 million) as of services not associated with auditing.