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The objective of a statutory audit is to express an opinion on whether the consolidated financial statements give a true and fair view of the financial position, financial performance and cash flows of the group, as well as whether the parent company’s financial statements give a true and fair view of the parent company’s financial performance and financial position. Statutory audit also encompasses the audit of the accounting and governance in the company. The auditor considers whether the information in the Board of Directors’ report is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in accordance with the applicable legal requirements.
According to the Articles of Association, the company must have a minimum of one and a maximum of three Auditors. The Auditors must be public accountants or public accounting firms authorized by Finland’s Central Chamber of Commerce. The Auditor is elected at the Annual General Meeting for a term which expires at the end of the following Annual General Meeting.
External auditors in 2021: As of March 2, 2021, KONE Corporation’s Auditor is audit firm Ernst & Young Oy. The fees to Ernst & Young Oy for 2021 were EUR 3.2 million for auditing and EUR 86 thousand for other consulting services.
See decisions taken by KONE Corporation's Annual General Meeting 2021 regarding auditing here.