Internal audit is an independent and objective assessment, assurance and consulting activity designed to add value to Metsä Board and improve its operations. Internal audit assists the Board in its supervisory role and supports Metsä Board and its management in achieving the company’s objectives by providing a systematic approach to assessing and improving the effectiveness of risk management, control, governance and management processes.
Audit work is carried out in compliance with the internal audit guideline ratified by the Audit Committee. The internal audit function reports to the Audit Committee on operations and to the President and CEO on administration.
Internal audit draws up a six-monthly action plan which is approved by the Audit Committee. The audit work is risk-based and focuses on the company’s activities and units that are considered to be key to achieving the objectives set for the operations. Internal audit, in cooperation with the audit function, ensures that the plans are coordinated to allow adequate coverage of audit work and to avoid duplication of work. Similarly, cooperation is carried out with other assurance functions within the Group, such as risk management, internal controls and compliance.
An audit report on the results of the audit is shared with the Metsä Board CEO, the CFO, the management of the audited entity, the persons in charge and the auditor. The audit reports are provided to the Group’s President and CEO, the CFO and, if necessary, the other Group’s management. Internal audit provides the Audit Committee with a six-monthly summary report on the audits carried out, the main findings and recommendations, and the management action plans and their implementation. The Chair of the Audit Committee and the Audit Director also meet regularly without the presence of management.