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From the design and supply of products for a greenfield plant, to the addition of a single machine for an existing production line, we are here to help.
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Internal Audit
Internal Audit is a fundamental part of Metso’s corporate governance and management systems. Internal Audit assists the Board in supervising the Company. The role of Metso’s Internal Audit function is to provide independent, objective assurance and advisory services that add value by contributing to the improvement of operations. Internal Audit offers a systematic and disciplined approach to evaluate and improve the
effectiveness of the organization’s governance, risk management, and internal control.
The operating principles of Internal Audit have been defined in the Internal Audit Charter and approved by the Board’s Audit and Risk Committee. The Audit and Risk Committee also approves the Internal Audit plan including audits and other activities to be carried out during the year. The Internal Audit plan is developed taking into consideration the corporate risk assessment, business area plans, and input from senior management and the Audit and Risk Committee. The plan is reviewed and revised when necessary. Audit observations, recommendations, and management corrective actions are reported regularly to the Audit and Risk Committee. The Head of Internal Audit reports functionally to the Audit and Risk Committee and administratively to the CFO.
In 2024, Internal Audit performed 20 audits covering selected key business processes, the internal control environment in selected Metso entities and market areas, and Group-level risk themes such as information security, health and safety and selected compliance topics. Internal Audit’s other activities in 2024 included supporting the ERP Business Program in internal control topics, supporting the Compliance organization in Whistleblower and other investigations and assisting the organization in sustainability-related topics, such as developing internal controls in sustainability reporting processes.
External Audit
In accordance with the Articles of Association, Metso has one auditor, which must be a firm of authorized public accountants. The aggregate duration of the consecutive terms of a principal auditor may not exceed seven years. This means that Metso’s principal auditor, Mikko Järventausta (Ernst & Young), can act in that capacity until the end of the audit of the 2026 financial period.
Pursuant to the EU Statutory Audit Directive, the same audit firm can be engaged as the company’s auditor for a maximum period of 10 consecutive years, after which the company must put its auditing out to tender. If the same audit firm is reselected through tendering, it can be re-engaged as the auditor for up to 10 additional consecutive years, after which the audit firm must be changed. Ernst & Young started its term as the auditor of Metso during the financial period 2020.
The auditor’s statutory obligation is to audit the Company’s accounting, financial statements, and administration for the financial year. The Parent Company’s auditor must also audit the consolidated financial statements and other mutual relationships between Group companies. In conjunction with the annual financial statements, the auditor submits the Statutory Auditor’s Report to Metso’s shareholders.
As of 2024, under the EU Corporate Sustainability Reporting Directive, Metso’s sustainability reporting is assured by Ernst & Young (limited assurance). The assurance process followed international standards (ISAE 3000 Revised). The assurance report on the Sustainability statement is available in the Financial review.
The auditor reports regularly to the Audit and Risk Committee and at least once a year to the Board. The Audit and Risk Committee evaluates the performance and services of the auditors and sustainability assurance provider each year and annually prepares a proposal to the Annual General Meeting on the auditor and sustainability assurance provider selection.
Metso’s pre-approval policy ensures that the Audit and Risk Committee monitors and approves all non-audit-related services provided by the external auditor, including the scope and estimated fees for these services.
