Internal control

Internal control and procedures related to Raute’s financial reporting process have been developed to ensure that the financial reports published by the company present an essentially accurate and sufficient description of the Group’s financial position. 

The internal control and risk management procedures related to the financial reporting process are developed and managed by the CFO together with the controller organization. Controller function observes the effectiveness of internal control and risk management during the reporting process and reports any observed deviations and control deficiencies to the CFO. The CFO decides on the initiation of corrective operational measures related to the observed deviations and reports on the detected problems and the need to develop controls to the President and CEO and the Board’s Audit Committee as well as to the management with operational responsibility.

The management of the operative units is responsible for ensuring that the Group’s internal control and risk management procedures are followed in their area of responsibility and that the information produced by their organization for financial reporting is timely, comprehensive and truthful.

The Board’s Audit Committee is responsible for monitoring internal control and monitoring risk management processes and practices. The Audit Committee monitors the implementation of internal control. The Group’s Executive Board has defined the Group’s general risk management principles and policies and defined the limits of the organization’s powers.

Raute's financial reporting process has been described in more detail in the Corporate Governance Statement 2024.