According to the Articles of Association, the company has one or two auditors, who must be statutory auditors or audit firms approved by the Central Chamber of Commerce. The Annual General Meeting elects the auditors whose term ends at the close of the next Annual General Meeting. In connection with the company's annual financial statements, the auditors report to the shareholders.
The purpose of the statutory audit is to verify that the financial statements give a true and fair view of the financial performance and financial position of the Group. The audit will provide shareholders with an independent statement of how the accounting, financial statements and governance of the brand are handled.
The audit of the Neo Industrial Group is ongoing. The auditors usually review the administration, accounting, payroll, inventories and other areas of the Group companies 3-4 times a year. At the turn of the year, the consolidated financial statements, parent company financial statements and statutory audits are also audited to the extent demonstrated by good auditing practice.
KPMG Ltd, Authorized Public Accountants, was elected as the company's auditor at the Annual General Meeting on 24 June 2020, with Leenakaisa Winberg, APA, as the principal auditor.
In 2019, auditors were paid a fee of EUR 104,000 for the audit of the financial year. Non-auditing consultant fees totaled EUR 42,000. Other auditors were paid a total of EUR 8 thousand.