The main function of the statutory audit is to verify that the financial statements provide accurate and sufficient information on the Group’s performance and financial position for the financial year. Salcomp’s financial year is the calendar year.
The auditor is obliged to audit the correctness of the Company’s accounting and financial statements for the financial year and to issue to the General Meeting an auditor’s report. In addition, Finnish law requires that the auditor also monitors the legality of the Company’s administration. The auditor reports to the Board of Directors at least once a year.
Auditor
According to the Articles of Association, Salcomp has one auditor elected by the Annual General Meeting. The term of an auditor terminates at the close of the Annual General Meeting following the election. The auditor shall be a firm of auditors authorized by the Central Chamber of Commerce.
The 2008 Annual General Meeting of Salcomp elected the Authorized Public Accountants KPMG Oy Ab as the auditor of the Company. Mr. Pauli Salminen, Authorized Public Accountant, was appointed as the responsible auditor.
The auditors are compensated based on an approved invoice. In 2008, the compensation for audit services was EUR 107,000, for tax consulting EUR 69,000 and for other services EUR 9,000.