Audit

The Company must have one Auditor, which is an accounting firm approved by the Auditor Oversight unit of the Finnish Patent and Registration Office. The AGM elects the Company’s Auditor. The AGM 2016 elected the Authorized Public Accounting firm Ernst & Young Oy as the Auditor of the Company. Mr. Harri Pärssinen, APA, has acted as the auditor with principal responsibility. Each subsidiary is subject to local auditing under the local regulations, which is conducted by representatives of the Ernst & Young network in each country. Ernst & Young Oy has acted as the Company’s Auditor since the AGM 2010. Before the financial year 2010 the Company’s Auditor for several years was the Authorized Public Accountant firm KPMG Oy Ab and auditors representing it.

In 2016, total auditing costs of the Group amounted to EUR 2.3 million (2015: EUR 1.9 million). The Ernst & Young network has also provided other consultancy not related to auditing worth EUR 0.8 million (2015: EUR 1.0 million). Such other consultancy services included e.g. advisory in connection with various structuring and transactional projects. During 2016 the Company has actively discussed and defined the processes relating to the new legal framework (Regulation (EU) No 537/2014) concerning the provision of non-audit services by the auditor.