Audit

Exel Composites Annual General Meeting 2017 elected Ernst & Young, Authorized Public Accountants, with Antti Suominen, APA, as principal auditor.

The fees paid to the auditors for audit services totaled EUR 149 (190) thousand and for non-audit services EUR 71 (123) thousand in 2016.

The Company has one auditor elected by the Annual General Meeting. The auditor must be an Authorized Public Accountant approved by the Central Chamber of Commerce. The term of office of the auditor shall expire at the end of the first Annual General Meeting following the election. 

Ultimate responsibility for accounting and financial management lies with the Board. The auditor gives a statutory report to the shareholders in connection with the closing of the company accounts each year. The purpose of the auditing process throughout the year is to ensure that the financial statements give a true and fair view of the Group's financial performance and status during the financial year. Foreign subsidiaries are included in the yearly audit programs.
 
The Board meets the auditor at least once a year.

Apart from this, the auditor carries out supervisory audits as he deems necessary and as agreed on with the Company.  

 

Updated 10 May 2017

Exel Oyj, Vantaa head office, Mäkituvantie 5, FI-01510 Vantaa, Finland, Tel +358 20 7541 200, Fax +358 20 7541 201