Wärtsilä Corporation Annual report 2014

Independent Assurance Report

To the Board of Management of Wärtsilä Oyj Abp

We have been engaged by the Board of Management of Wärtsilä Oyj Abp (hereafter: Wärtsilä) to provide limited assurance on Wärtsilä’s Sustainability Information in the electronic Wärtsilä Annual Report 2014 from the reporting period 1.1.–31.12.2014.

The sustainability information subject to the limited assurance engagement (hereafter: the Sustainability Information) is included in various sections of Wärtsilä Annual Report 2014 and in the separate document “Improving efficiency reduction of emissions” found on Wärtsilä web-pages. The sections and documents subject to the engagement are listed in the Global Reporting Initiative (GRI) Index.

The Board of Management of Wärtsilä is responsible for the preparation and presentation of the Sustainability Information in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G4 comprehensive level.

Our responsibility is to carry out a limited assurance engagement and to express an independent conclusion on the information subject to the assurance. We have conducted the engagement in accordance with the Finnish Institute of Authorised Public Accountants´ Standard 3000 Assurance Engagements other than Audits or Review of Historical Financial Information. We do not accept or assume responsibility to anyone other than Wärtsilä for our work, for this assurance report, or for the conclusions we have reached.

Limitations of the engagement

Data and information related to sustainability are subject to inherent limitations applying to data accuracy and completeness, which are to be taken into account when reading our assurance report. The presented Sustainability Information is to be considered in connection with the explanatory information on data collection, consolidation and assessments provided by Wärtsilä. Our assurance report is not intended for use in evaluating Wärtsilä’s performance in executing the sustainability principles Wärtsilä has defined. To assess the financial position and performance of Wärtsilä, the Wärtsilä audited Financial Statements for the year ended 31 December 2014 is to be consulted.

The work performed in the engagement

Our assurance procedures are designed to obtain limited assurance on whether the Sustainability information is presented in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G4 comprehensive level in all material respects. A limited assurance engagement consists of making inquiries, primarily of persons responsible for the preparation of the sustainability information presented, and applying analytical and other evidence gathering procedures, as appropriate. The evidence gathering procedures mentioned above are more limited than for a reasonable assurance engagement, and therefore less assurance is obtained than in a reasonable assurance engagement.

In our engagement we have performed the following procedures:

  • Interviews with two members of senior management to reassert our understanding of the connection between Wärtsilä’s sustainability procedures and Wärtsilä’s business strategy and operations as well as sustainability objectives;
  • An assessment of the Sustainability Information´s conformity with the principles of the G4 guidelines for defining content and reporting quality;
  • An assessment of data management processes, information systems and working methods used at the Head Office to gather and consolidate the presented Sustainability Information, and a review of Wärtsilä’s related internal documents and guidelines;
  • Comparison of Sustainability Information to underlying rules of procedure, management and reporting systems as well as documentation;
  • A review of the presented Sustainability Information, including the performance data and assertions, subject to the engagement, and an assessment of information quality and reporting boundary definitions;
  • Assessment of data accuracy and completeness through a review of the original numerical information received from Wärtsilä’s subsidiaries as well as through samples the Group’s information systems;
  • Assessment of the local reporting processes of Wärtsilä’s subsidiaries on a sample basis through a site visit and five video conferences, conducted to Wärtsilä sites selected on the basis of a risk analysis taking into account both qualitative and quantitative information.

Conclusions

Based on the assurance procedures performed, nothing has come to our attention that causes us to believe that the information subject to the assurance engagement is not presented in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G4 comprehensive level in all material respects.

Helsinki, 10. February 2015

KPMG OY AB

Virpi Halonen                                        Nathalie Clément
Authorized Public Accountant             Senior Manager, Advisory

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