Publications

Publications

Financial Statements

Auditors' Report

To the Government

Audit of Financial Statements

Opinion on the financial statements and the report of the Board of Directors

We have audited the financial statements of Metsähallitus (Business ID 0116726-7) for the financial period 15 April to 31 December 2016. The financial statements include the Group's, parent enterprise's, business operations', Business Operations Group's and public administrative function’s balance sheets, profit and loss accounts, cash flow statements and notes to the financial statements.

In our opinion, the financial statements and the consolidated financial statements have been prepared in accordance with the rules and regulations applicable to the preparation of financial statements and give a true and fair account of the operations, finances, financial performance and financial responsibilities during the financial period.

Metsähallitus' corporate governance has been compliant with the Act on Metsähallitus and the decisions taken by Parliament, the Government and ministries, as well as other steering decisions.

Internal control and audits have been appropriately organised in Metsähallitus.

In addition, the Board of Directors and the Director of Parks & Wildlife Finland have prepared a pro forma annual report and financial statements on public administrative duties for the period 1 January–31 December 2016, including the balance sheet, profit and loss account, cash flow statement and notes to the financial statements. For the pro forma financial statements, the profit and loss accounts for the financial periods 1 January 1 to 14 April 2016 and 15 April to 31 December 2016 have been summed up and, as the result for the financial period, the balance sheets present the combined result for the aforementioned financial periods. We have issued a separate report on the general audit of the pro forma financial statements relating to public administrative duties.

Basis for the opinion

We conducted our audit in accordance with good auditing practices in Finland. Our responsibilities under good auditing practice are further described under Auditor's responsibilities in the audit of financial statements. We are independent of the parent enterprise, the business operations and business operations’ group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors, Managing Director and Director of Parks & Wildlife Finland relating to the financial statements

The Board of Directors, Managing Director and Director of Parks & Wildlife Finland are responsible for the preparation of the financial statements and reports of the Board of Directors, which give a true and fair account in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors, Managing Director and Director of Parks & Wildlife Finland are also responsible for such internal control as they deem necessary to enabling the preparation of financial statements free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors, Managing Director and Director of Parks & Wildlife Finland are responsible for assessing the parent enterprise’s and the Business Operations Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to the going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent enterprise or the group or cease operations, or there is no realistic alternative but to do so.

Auditor's responsibilities in the audit of financial statements

Our objectives are to obtain reasonable assurance on whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit. In addition:

  • We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent enterprise’s or the group’s internal control.

  • We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

  • We arrive at conclusions on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of accounting and, based on the audit evidence obtained, on whether a material uncertainty exists related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the parent enterprise or the group to cease to continue as a going concern.

  • We evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in such a manner that the financial statements give a true and fair view.

  • We obtain sufficient appropriate audit evidence, regarding the financial information of the entities or business activities within the group, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other reporting requirements

Other information

The Board of Directors, Managing Director and Director of Parks & Wildlife Finland are responsible for other information. The other information comprises information included in the Board of Directors’ Report. Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, it is our responsibility to read the other information included in the Board of Directors’ report and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Our responsibility also includes considering whether the Board of Directors’ report has been prepared in accordance with the applicable laws and regulations.

In our opinion, the information in the Board of Directors’ report is consistent with the information in the financial statements and the report has been prepared in accordance with the applicable laws and regulations.

If, based on the work we have performed, we conclude that there is a material misstatement in the information included in the Board of Directors’ report, we are required to report that fact. We have nothing to report in this regard.

 

Helsinki, 6 March 2017  

 

Jorma Nurkkala
Authorised Public Accountant,
Chartered Public Finance Auditor

 

Leif-Erik Forsberg 
Authorised Public Accountant,
Chartered Public Finance Auditor