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 maximum combined duration of an auditor-in-charge’s consecutive terms
is seven years.


During the 1 January - 31 December 2021 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, which are based on the Group’s internal reporting and the annual audit plan approved by the Board.

Componenta Group’s financial administration conducts an internal audit of Group companies in accordance with the annual plan together with the external auditors.

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.