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Auditing

According to the Articles of Association, Kesko has one (1) Auditor, which shall be an audit firm authorised by Finland Chamber of Commerce. The Audit Committee submits a proposal to the Annual General Meeting for the Company’s Auditor. The Audit Committee also evaluates the auditors’ operation and services annually. The term of office of the Auditor is the Company’s financial year and the Auditor’s duties end at the close of the Annual General Meeting following the Auditor’s election. As a rule, an audit company belonging to the same chain as the audit firm represented by the Auditor elected by Kesko’s General Meeting acts as the Auditor of the Group’s foreign subsidiaries.

The Auditor provides Kesko’s shareholders with the statutory Auditor’s Report in connection with the Company’s financial statements and regularly reports on its findings to the Audit Committee of Kesko’s Board of Directors.

The Annual General Meeting 2015 elected PricewaterhouseCoopers Oy, Authorised Public Accountants, as the Company’s Auditor, with APA Mikko Nieminen as the Auditor with principal responsibility. He is currently the Managing Director of PricewaterhouseCoopers Oy and the auditor responsible for four Finnish listed companies:

  • Kesko
  • Finnair
  • CapMan
  • Okmetic

The General Meeting resolved that the auditor's fee is paid and expenses are reimbursed according to an invoice approved by the Company.

Based on applicable law, a person can act as an auditor with principal responsibility for a company for a maximum of seven (7) consecutive years. The law does not restrict the length of an audit firm’s term of office. APA Mikko Nieminen has been the auditor with principal responsibility for the Company since 13 April 2015.

Auditors’ fees in 2014-2015 (€1,000)
20152014
PwCOther audit firmsTotalPwCOther audit firmsTotal
Kesko CorporationOther Group companiesKesko CorporationOther Group companiesKesko CorporationOther Group companiesKesko CorporationOther Group companies
Auditing220564-42826174705-56935
Tax consultation8414-71057725110113
IFRS consultation9---946--10
Other services4501353548281,76712116428249562
Total7637133548772,707376899293141,620