The main function of the statutory auditing is to verify that the financial statements provide true, accurate and suffi cient information on the group’s performance and fi nancial position for the fi nancial year. The group’s fi nancial year is calendar year.
The auditor´s responsibility is to audit the correctness of the group’s accounting in the respective fi nancial year and to provide an auditors’ report to the General Meeting. In addition, Finnish law requires that the auditor also monitors the lawfulness of the company’s administration. The auditor reports to the Board of Directors at least once a year.
According to the Articles of Association, Biotie has at least one and at most two auditors elected by the Annual General Meeting. The term of an auditor terminates at the end of the Annual General Meeting following the election. At least one of the auditors shall belong to a fi rm authorised by the Central Chamber of Commerce.
PricewaterhouseCoopers Oy, a firm of auditors approved by the Central Chamber of Commerce, and Janne Rajalahti, Authorized Public Accountant, were re-elected as auditors of the company in Biotie’s Annual General Meeting of April 15, 2010.
According to the Finnish Auditing Act (2007/459), the aggregate duration of the consecutive terms of person acting as the auditor in a public company may not exceed seven years. In Biotie Therapies Corp case the application of this rotation rule started in 2008.
In accordance with the resolution of the 2009 Annual General Meeting, the auditors were paid in accordance with their reasonable invoices. In 2009 the group paid EUR 84 thousand as fee for audit services and additionally EUR 26 thousand for non audit and other services to PricewaterhouseCoopers.
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(Updated April, 2010)