In Finland, matters concerning audit and auditors are regulated by the Auditing Act (459/2007) and the Auditing Ordinance, as well as by Ministerial Decrees. The Act contains provisions on e.g. authorisation and registration of auditors, auditor’s reporting, independence, secrecy, oversight and sanctions.
More detailed regulations regarding the procedures in oversight bodies are included in the Auditing Ordinance. Ministerial Decrees consist of detailed authorisation requirements. The Auditing Act conforms to the law of the European Union. The Chamber of Commerce Act (878/2002) contains the basic regulation of the organisation and objectives of the Chamber of Commerce organisation.
There is a two-tier system of auditors in Finland:
- Auditors and audit firms approved by the Central Chamber of Commerce (KHT auditors and KHT audit firms) and
- Auditors and audit firms approved by a local Chamber of Commerce (HTM auditors and HTM audit firms).