Internal and external audit

External audit

The Annual General Meeting appoints the auditor and decides on the remuneration of the auditor.

The company has one auditor that must be a firm of authorised public accountants approved by the Finland Chamber of Commerce. In addition to the duties prescribed in current accounting regulations, the auditor reports regularly to the Board of Directors of Componenta when necessary.

The principal auditor may serve as an auditor for a maximum of ten years in succession. In addition, Componenta complies with the provisions of the Accounting Act and the EU Audit Regulation on the maximum duration of the term of office of an audit firm.


During the 1 January‒31 December 2023 financial period, Componenta’s auditor is Authorised Public Accountants PricewaterhouseCoopers Oy. In accordance with the decision of the Annual General Meeting, the fees paid to the auditor are based on invoicing.

Internal audit

Componenta Group’s internal audit is conducted in accordance with the operating principles approved by the Board of Directors. These principles are based on the Group’s internal reporting and the annual audit plan approved by the Board.

Componenta’s Group Finance performs the strengthening of the internal control environment of the Group’s various functions within the framework of the annual plan. Componenta utilizes external experts in internal audit as needed, but currently the development of an internal control environment is perceived as a more effective way to strengthen internal control. In accordance with Recommendation 26 of the Corporate Governance Code 2020, it is not always expedient for a company to organize internal audit as a separate function within its organization. Componenta has adopted the current approach by assessing the nature and scope of its business operations and operations.

Financial reporting that covers the whole Group regularly monitors how well financial targets are being met. The reports include actual figures, budgets and up-to-date estimates for the current year.

Related party transactions

Componenta’s related parties are composed of the Board of Directors, the Corporate Executive Team, the managing directors of the most important subsidiaries, and the Group companies. The Company evaluates and monitors the appropriateness of any transaction made with its related parties, taking into account any conflicts of interest. Componenta maintains a list of its related parties. Significant transactions between the company and its related parties are reported in the notes to the consolidated financial statements.