Audit

The main function of the statutory auditing is to verify that the financial statements provide true, accurate and sufficient information on the group’s performance and financial position for the financial year. The group’s financial year is calendar year.

The auditor´s responsibility is to audit the correctness of the company’s accounting in the respective financial 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 firm authorised by the Central Chamber of Commerce.

The number of auditors was resolved to be one, being Ernst & Young Oy, a firm of Authorised Public Accountants, Ms. Johanna Winqvist-Ilkka, acting as the auditor in charge at the Annual General Meeting held on May 3, 2016.

In 2015 the group paid EUR 250 thousand as the fee for audit services and additionally EUR 685 thousand for non audit and other services to the firm of Authorised Public Accounts then PricewaterhouseCoopers Oy.

Updated 25 November, 2016