Neo Industrial's current Audit Committee consists of Marjo Matikainen-Kallström (Chairman) and Ari Järvelä. The Board annually appoints the chairman and members of the Audit Committee. The Audit Committee reports to the Board.
The duties of the Audit Committees are supervising the financial reporting process, monitoring the efficiency of the company’s internal control, internal audit, if applicable, and risk management systems, reviewing the description of the main features of the internal control and risk management systems pertaining to the financial reporting process, monitoring the statutory audit of the financial statements and consolidated financial statements, evaluating the independence of the statutory auditor or audit firm, preparing the proposal for resolution on the election of the auditor, evaluating compliance with laws and regulations and keeping in contact with the auditor.
In 2016, Neo Industrial's Audit Committee reviewed business risks, balance sheet values, financing, liquidity, test calculation procedures, MAR and IFRS 15 regulation's effects as well as the effects of various financial arrangements and structural changes on reporting. In guidance to internal audit measure requirements for documentation was noticed and emphasis to ICT risk management played a major role.
During 2017, the Audit Committee convened three times. The participation activity of the members was 83%.