Audit and Internal Audit
YIT has one auditor, which must be an approved and registered auditing firm pursuant to the Auditing Act (1141/2015).
The Annual General Meeting elects the auditor based on the proposal of the Board of Directors. The Board’s Audit Committee prepares the draft resolution concerning the election of the auditor. The auditor audits the company’s accounting, financial statements and administration for the financial year. The parent company’s auditor must also audit the consolidated financial statements. The auditor reports regularly to the Board of Directors and its Audit Committee and gives YIT’s shareholders an Auditor’s Report as required by law.
Pursuant to the decision of the Annual General Meeting, the auditor’s fee is paid as per the invoice approved by the company. We comply with the provisions of the Finnish Accounting Act and the EU Audit Regulation regarding the maximum duration of the auditor’s terms of office and, in electing the auditor, we also take into consideration that the duration of the chief auditor’s consecutive terms of office may not exceed seven years.
YIT’s auditor is the auditing firm PricewaterhouseCoopers Oy, with Authorised Public Accountant Markku Katajisto as the chief auditor.
YIT Group's internal audit organisation supports the management in the development and supervision of risk management, internal control and good corporate governance. The Internal audit reports to the Audit Committee of the Board of Directors and administratively to YIT's President and CEO.
The focus of the internal audit has typically been on project risk management, new geographic operating regions and semi-annually defined risk areas. The internal audit’s work is co-ordinated with other Group functions and, where possible, with financial auditing. The internal audit also works closely together with the Group’s corporate security organisation and, with respect to misconduct risks, participates in the work of the Ethics Committee.