Valmet’s Internal Audit assists the company in achieving its objectives by providing a systematic and disciplined approach to evaluate and improve risk management, internal control and governance processes. This includes assessing 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 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.