10. Financial audit and internal audit

10.1. Financial audit

An authorised public accounting company selected by the general meeting acts as auditor for the company. The company’s financial auditor inspects the accounting, financial statements and financial administration for each financial period and provides the general meeting with reports required by accounting legislation or otherwise stipulated in legislation. The financial auditor reports on his or her work, observations and recommendations for the Board of Directors and may also carry out other verification-related tasks commissioned by the Board or management.

The annual general meeting of 2018 elected authorised public accountants PricewaterhouseCoopers Oy as the auditor of the company. Authorised public accountant Heikki Lassila serves as the company’s responsible auditor. The general meeting decided that the auditor’s fee and expenses are paid on the basis of a reasonable invoice accepted by the company.
 

Auditor’s fees,
EUR 1,000

2018

2017

Auditing fees

89

68

Other fees

94

61

TOTAL

183

130

10.2. Internal audit

The Board of Directors decides on the operating model for the company’s internal audit. The internal audit acts on the basis of plans processed by the audit committee and approved by the Board. Audit results are reported to the object of inspection, the President & CEO, the audit committee and the Board. Upon decision of the Board, an internal audit outsourced to an authorised public accounting company acts within the company. From an administrative perspective, the internal audit is subordinate to the President & CEO. The internal audit provides a systematic approach to the assessment and development of the efficacy of the company’s risk management, monitoring, management and administrative processes and ensures their sufficiency and functionality as an independent party. The internal audit has the authority to carry out reviews and to access all information that is essential to the audit. Fingrid’s internal audit carries out risk-based auditing on the company’s various processes.

In 2018, Deloitte & Touche Oy served as Fingrid’s internal auditor and carried out a total of three (3) audits. The audits concerned the company’s compliance management, preparation of investment proposals and the implementation of the EU’s General Data Protection Regulation in the company. The total fees paid to Deloitte & Touche Oy for auditing tasks amounted to EUR 67,500.