ENGLISH SUMMARY

Quality assurance

The Auditing Board of the Central Chamber of Commerce shall oversee, and
take the appropriate measures to ensure that auditors maintain their
professional competence and other qualifications required for approval and
operate in accordance with Auditing Act and any provisions given by virtue
thereof.

In order to oversee the quality assurance of KHT auditors and KHT firms The Auditing Board of the Central Chamber of Commerce:

1) orders an auditor to a quality assurance review at least every six years
or, in the case of an auditor who audits a publicly traded entity, at least
every three years;

2) designates one or more independent reviewers to conduct quality assurance reviews;

3) determines the contents and the manner of implementation of the quality
assurance review; and

4) processes the results of a quality assurance review and decides on
measures to be taken on the basis of the review.

The provisions in subsections 1 and 2 apply correspondingly to the
responsibility of the Auditing Committee of a local Chamber of Commerce to oversee HTM auditors and HTM firms whose domicile is situated in its region. If an HTM auditor or an HTM firm is not domiciled in Finland, the Helsinki Region Chamber of Commerce shall be responsible for the oversight.

The new quality assurance inspections started with the new organisation in 2009. The new quality assurance inspection system is based according to the recommendation issued by the European Commission on May 6, 2008, on external quality assurance applicable to statutory auditors and audit firms auditing public interest entities. Inspections of audit firms are led by Quality Assurance Director or Quality Assurance Manager, who will also conduct fieldwork. Quality Assurance Assistants participate in inspections.

The Auditing Board of the Central Chamber of Commerce has set up a Quality Section, which operates in the role of an advisory body in the quality assurance system. The Quality Section helps the Auditing Board of the Central Chamber of Commerce and its Quality Assurance team to find best practices in the field of quality assurance. Thus the Quality Section hasn't got any decision making power. It has a task to assist Quality Assurance Director who is present in all meetings of the Quality Section.The role of the Quality Section is especially to assist in the development of inspection working methods and methodologies. Auditors working in the profession may continue to work as quality inspectors in quality inspections of auditors other than PIEs. The Quality Section assists in the arrangements of recruiting and training these inspectors. In addition Quality Section will consult in issues of specific materiality relating to the results of inspections.

There are six members in Quality Section:

Chairman being the Vice Chairman of the Auditing Board of the Central
Chamber of Commerce

1) member representing Auditing Committees of the local Chambers of Commerce

2) members representing auditors specialized in PIE audits

3) members representing auditors specialized in audits of small and medium sized entities

The members of the quality section should be familiar with audit and quality
assurance.