Auditing

Vapo shall have one auditor, which shall be an auditing company approved by the Central Chamber of Commerce. The auditor is appointed at the Annual General Meeting for a term ending at the conclusion of the next Annual General Meeting.

Auditing consists of auditing the Group’s accounting, financial statements and governance for each financial year. The auditor reports regularly to the Audit Committee and issues an auditor’s report to the Annual General Meeting. The auditor’s report includes a statement on whether the financial statements provide accurate and sufficient information on the result of the Group’s operations and its financial position in accordance with the applicable financial statements standards and whether the information provided in the Report of the Board of Directors is consistent with the financial statements. The auditor’s report also includes a statement on key issues pertaining to the audit. The auditor’s fees are paid in accordance with the decision of the Annual General Meeting.

The Group’s auditing is organised so that the parent company’s responsible auditor appointed by the Annual General Meeting carries out its auditing through its own international organisation or network throughout Vapo Group and is responsible for auditing throughout the Group.

Since 27 August 2014, Vapo’s auditor has been KPMG Oy Ab, Authorised Public Auditors, with APA Ari Eskelinen as the auditor in charge since 27 August 2014.

Vapo’s auditing fees for the financial year 1 May 2018–30 April 2019 amounted to EUR 211 thousand (EUR 213 thousand) and consulting fees totalled EUR 78 thousand (EUR 154 thousand).