Valmet has an Internal Audit department separate from the operational management. The duties of the Internal Audit function include assessing the efficiency and appropriateness of the Company’s operations and examining the functioning of the internal controls. It seeks to provide reasonable assurance of the correctness of financial and operational reporting, proper management of the Company’s assets and compliance with applicable laws and regulations. Furthermore, Internal Audit proactively encourages the development of risk management in Valmet’s various operations. The Head of Internal Audit reports administratively to the CFO and directly to the President and CEO and to the Audit Committee.
The Annual General Meeting on June 16, 2020 elected PricewaterhouseCoopers Oy as the company's auditor for a term expiring at the end of the next Annual General Meeting. The responsible auditor will be Pasi Karppinen, APA.
In accordance with Valmet’s Articles of Association, Valmet will have one auditor, which must be an auditing firm approved by the Finland Chamber of Commerce. The Audit Committee prepares the auditor selection process and the fees payable to the Auditor will be in accordance with the invoice approved by the Audit Committee. The Auditor’s term of office will end at the next Annual General Meeting. There are no term limits regarding the duration of the auditing firm.