Audit and Internal Audit

Auditor

The Annual General Meeting elects the Auditor based on the proposal prepared by the Audit Committee of the Board of Directors. The Auditor must be a firm of auditors approved by the Central Chamber of Commerce. When electing the auditor, it is taken into account that the aggregate duration of the consecutive terms of the auditor with the main responsibility may not exceed seven years.

The duty of the auditor is to audit the company’s accounts for the financial period, the Board of Directors’ report, financial statements and governance. The parent company’s auditor must also audit the consolidated financial statements and other relations between the Group companies. The auditor issues a statutory auditor’s report to the company’s shareholders in connection with our annual financial statements and reports regularly to the Board of Directors.

Internal audit

Internal audit’s role is to ensure that regulations, approved policies and best practices are followed in the Group, and that financial reporting process produces reliable information on the effectiveness of business operations.

Internal audit function reports directly to the Board of Directors’ Audit Committee. Operations are based on Internal Audit Charter and other company policies, such as risk management policy, accounting principles and description on internal control and risk management systems connected with the financial reporting process

Internal audit reviews and evaluates the appropriateness and functioning of the Group's internal control system, appropriateness and efficiency of operations, reliability of financial information and reporting, and compliance with regulations and operating principles. The operations are based on risks, and its focus is on operational audits. However, Caverion’s management has the main responsibility for governance, risk management and internal control in the Group.