Internal audit

Valmet’s Internal Audit assists the Company in achieving its objectives by providing a systematic and disciplined approach to evaluating and improving risk management, internal control and governance processes. This includes an assessment of the efficiency and effectiveness of operational processes and compliance with Valmet policies and procedures, as well as providing advice and support in improving the processes. The purpose, authority and responsibilities of Internal Audit are defined in the Internal Audit Charter, approved by the Audit Committee. Internal Audit work is risk-based, independent, objective and based on the International Standards for the Professional Practice of Internal Auditing. The Head of Internal Audit reports administratively to the CFO and functionally to the CEO and to the Audit Committee. All significant audit findings are reported to the Audit Committee, which also approves the annual internal audit plan.

External audit

The Annual General Meeting on March 21, 2024 re-elected Authorised Public Accountants PricewaterhouseCoopers Oy as the company’s auditor for a term expiring at the end of the next Annual General Meeting. Pasi Karppinen, Authorised Public Accountant (KHT) will act as the responsible auditor. PricewaterhouseCoopers will also carry out the assurance of the Company’s sustainability reporting.

According to the Articles of Association, Valmet has one auditor, which must be a firm of public accountants certified by the Finland Chamber of Commerce. The Audit Committee prepares the auditor selection process.

The auditor’s statutory obligation is to audit the Company’s accounting, the Board of Directors’ report, financial statements and administration for the financial year. The Company’s auditor must also audit the consolidated financial statements.

In conjunction with Valmet’s Financial Statements, the auditor gives the Company’s shareholders an Auditor’s Report, as required by law. The auditor reports primarily via the Audit Committee and at least once a year to the Board of Directors. The Audit Committee evaluates the performance and services of the independent auditors each year and decides if there is a need to arrange an open tender process.

Audit fees

  2023 2022
Audit EUR 2.5 million EUR 2.3 million
Services under the Finnish Auditing Act, chapter 1, section 1 (1), point 2 - -
Tax consulting - -
Other services EUR 0.2 million EUR 0.1 million
Total EUR 2.7 million EUR 2.5 million