auditointikomitea

Auditointikomitea, the Finnish term for an audit committee, is a sub‑board tasked with overseeing a company's financial reporting, internal controls, and audit processes. It operates within the framework of the Finnish Companies Act and is required for public limited companies (osakeyhtiö, Oy) and listed companies.

The committee typically consists of a majority of non‑executive directors, often including independent members, to provide impartial oversight. Its composition and bylaws are established by the general meeting of shareholders, and changes require a shareholder vote.

Primary responsibilities include reviewing and approving the annual financial statements before they are presented to shareholders, ensuring compliance with Finnish Accounting Standards and IFRS where applicable. The committee evaluates the effectiveness of internal audit functions and the adequacy of risk management procedures.

Auditointikomitea coordinates with the external auditor, setting audit objectives and reviewing the audit plan. It receives reports from both internal and external auditors and raises any significant findings to the board of directors.

The committee also monitors legal and regulatory developments that could impact financial reporting or corporate governance. It is empowered to request additional information, conduct investigations, and recommend disciplinary actions against management if necessary.

Under the Companies Act, the audit committee must report to the board on its findings and recommendations. The board, in turn, is accountable to shareholders for the committee’s recommendations and overall governance.

The existence of an auditointikomitea is viewed as a key element of good corporate governance, enhancing transparency and accountability to investors and regulators. It is a model widely adopted across EU member states, reflecting global best practices in corporate oversight.