Audit

 

The main function of the statutory audit is to verify that the financial statements provide a true and fair view on the Group’s financial performance and financial position for the financial year. Sanoma’s financial year is the calendar year.

The auditor’s responsibility is to audit the Group’s and the parent company’s financial statements and administration in the respective financial year and to provide auditors’ opinion to the Annual General Meeting. The auditor reports to the Board at least once a year.

According to the Articles of Association, Sanoma shall have one auditor, which shall be an audit firm approved by the Patent and Registration Office. The term of office of the auditor expires at the end of the next Annual General Meeting following the election.

According to the Finnish Auditing Act (1141/2015, as amended), the aggregate duration of the consecutive terms of a person or an audit firm acting as the auditor in a public company may not exceed ten years. The statutory auditor or audit firm shall be elected after the maximum term of ten years only if the audit is tendered in accordance with the EU Audit regulation1 Article 16, paragraphs 2–5.

The Annual General Meeting 2017 elected the Authorised Public Accounting firm PricewaterhouseCoopers Oy as the statutory auditor of the Company. Samuli Perälä, Authorised Public Accountant, acts as the Auditor in Charge. Prior to the Annual General Meeting 2017, KPMG Oy Ab acted as Sanoma’s statutory auditor since 2006, with Virpi Halonen, Authorised Public Accountant, as Auditor in Charge since 2012.

Remuneration paid for audit services in 2017 amounted to EUR 1.1 million (2016: 1.2). Remuneration paid to the Company’s auditors for non-audit services in 2017 amounted to EUR 0.3 million (2016: 0.2).

 

1 REGULATION (EU) No 537/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014