The Board annually appoints the chairman and members of the Audit Committee. The duties of the Audit Committee include monitoring the company's financial position, overseeing financial reporting, assessing the adequacy and appropriateness of internal control and risk management, assessing compliance with laws and regulations, and communicating with the auditor, reviewing the auditor's reports and evaluating the recommendations. The Audit Committee prepares the Board's proposal for the election of the auditor to the Annual General Meeting. The Audit Committee reports to the Board. Reka Industrial's current Audit Committee consists of Leena Saarinen and Ari Järvelä.
In 2020, Reka Industrial ́s audit committee reviewed business risks,balance sheet values, financing and liquidity,test calculation procedures,the consolidation of Reka Rubber and the allocation of the purchase price.In guidance to internal audit measures the emphasis was on ensuring going concern and both process and ICT risk management played major role.
Evaluation of the independence of the members of the Audit Committee
The members of the Audit Committee are independent of the company based on the evaluation made by the Board of Directors.