The statutory task of independent external auditing is to verify that the financial statements and the report of the Board of Directors provide accurate and adequate information on the company’s results and financial position for the financial year. As part of the annual auditing, the auditor audits the accounting and administration of the company. Pöyry PLC’s auditor also audits the consolidated financial statements of Pöyry Group and other relationships between the Group companies.
The auditor issues a statutory auditor’s report to Pöyry’s shareholders in connection with the company’s financial statements. The auditor reports to the Audit Committee of the Board of Directors on a regular basis and attends its meetings.
According to the Articles of Association, Pöyry has one auditor, which shall be an auditing firm authorised by the Finland’s Central Chamber of Commerce. The Audit Committee prepares proposals to the shareholders concerning the appointment and dissolution of an auditor. The Annual General Meeting appoints the auditor until further notice and resolves on the auditor's fee. The auditing firm elected as the auditor appoints the auditor in charge. The same auditor in charge may not serve for more than seven years.
The Annual General Meeting on 8 March 2012 elected PricewaterhouseCoopers Oy as the auditor of Pöyry PLC until further notice. PricewaterhouseCoopers Oy has appointed Authorised Public Accountant Merja Lindh as the auditor in charge. In accordance with the decision of the Annual General Meeting, the remuneration of the auditor will be paid according to invoice approved by the company and in compliance with the purchase policy approved by the Audit Committee.
Auditing fees in 2018
Auditing fees paid to the auditor of Pöyry PLC for statutory auditing amounted to EUR 0.5 million in 2018 (EUR 0.6 million in 2017). Fees paid to the auditor for tax advisory amounted to EUR 0.1 million in 2018 (EUR 0.03 million in 2017) and for other services amounted to EUR 0.01 million in 2018 (EUR 0.03 million in 2017).
Pöyry has established an independent Internal Audit function in 2009. The Internal Audit function is headed by the Chief Audit and Compliance Executive, who reports to the President and CEO of Pöyry and to the Audit Committee.
The mission of the Internal Audit function is to provide independent, objective assurance regarding the adequacy and effectiveness of Pöyry's controls framework. It helps Pöyry to accomplish its objectives by bringing a systematic, risk based and disciplined approach to assessment of processes, controls and compliance, and hence supporting continuous improvement of Pöyry's operations. The Internal Audit has developed its procedures to meet the Standards for the Professional Practise of Internal Auditing of the Institute of Internal Auditors.