Auditing and Internal Control

Auditing

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. The Sustainability Statement, included in the Board of Directors’ Report, is assured with limited assurance by a sustainability auditor.

According to the Articles of Association, the company must have a minimum of one and a maximum of three Auditors. The Auditors must be authorized public accountants or authorized public accounting firms. The Auditor and the Sustainability Auditor are elected at the Annual General Meeting for a term that ends at the conclusion of the next Annual General Meeting following the election.

External auditors in 2026: KONE Corporation’s Auditor is audit firm Ernst & Young Oy. The auditor-in-charge is Mikko Järventausta. The fees paid to Ernst & Young Oy during 2025 were EUR 1.1 million for auditing, 0.3 million for sustainability reporting assurance and EUR 0.3 million for tax and other services.

See decisions taken by KONE Corporation's Annual General Meeting 2026 regarding auditing here.

Internal Control

The aim of KONE’s internal control environment is to ensure that the Group’s operations are efficient and profitable, risks and opportunities are managed to an acceptable level and that the financial and operational reporting is reliable and in compliance with the applicable regulations, policies and practices.

The Board’s Audit Committee monitors the efficiency and functioning of the internal control environment. The management is responsible for establishing and maintaining adequate internal controls and for monitoring their effectiveness as part of operative management. The management is supported by a dedicated Internal Controls function, responsible for facilitating and coordinating the internal control design, implementation and monitoring across the organization.

KONE’s internal control framework is built and based on corporate values, the KONE Code of Conduct, a culture of honesty and high ethical standards. The framework is supported by a dedicated leadership, training programs, a positive and diligent corporate culture and working environment as well as by attracting and promoting dedicated and competent employees. Global and local policies and principles are key part of the internal control framework.

KONE’s internal controls are designed to manage relevant operational, financial, and compliance risks as part of KONE’s processes and employee job roles. Internal controls are supported by global and local policies and principles that are continuously maintained by incorporating changes and developments from the business operations and information systems.

KONE’s business units are responsible for implementing the control framework and for monitoring adherence to the globally and locally agreed policies and principles. KONE’s Global Finance has the oversight responsibility of the overall framework.