Ernst & Young Ltd, Berne, has acted as auditors of VP Bank Ltd since 1956 (in accordance with the PGR5) and since 1994 as Group auditors of VP Bank Group. In addition, Ernst & Young Ltd undertakes the mandate as banking-law auditors within the context of the Liechtenstein Banking Act (Arts. 37 ff. of the BankA). The auditor in charge, Bruno Patusi, has been responsible for the VP Bank mandate since 2014 (annual general meeting of 25 April 2014).

In 2014, Ernst & Young Ltd charged VP Bank Group fees in the amount of CHF 1.49 million (previous year: CHF 1.68 million) for services rendered in connection with the legally prescribed audits of the annual financial statements of VP Bank and the Group subsidiaries as well as the audit of the consolidated financial statements of VP Bank Group.

Ernst & Young Ltd also rendered auditing-related services to VP Bank Group in the amount of CHF 0.34 million (previous year: CHF 0.21 million). 

The Audit & Risk Management Committee reviews the multi-year audit planning as well as the planned annual auditing activities and, in a specific agenda item, discusses these with the auditor in charge from the external auditing firm as well as with the Head of Group Internal Audit. The Audit & Risk Management Committee attaches particular importance to a risk-oriented approach in the planning and performance of the audit as well as appropriate coordination of the auditing activities of the external auditors with those of Internal Audit. 

All reports by the external auditors are reviewed at meetings of the Audit & Risk Management Committee. In 2014, the external auditors were present at all meetings of the Audit & Risk Management Committee in which external audit-related items were on the agenda. In addition, the auditor in charge was in attendance at a Board of Directors meeting to present and discuss the Auditors’ Report prescribed under the Banking Act.

Each year, the Audit & Risk Management Committee examines and evaluates the effectiveness and independence of the external auditors. For this purpose, it relies on documents generated by the external auditors, such as the Auditors’ Report prescribed under the Banking Act, management letters as well as oral and written statements of position on individual aspects and technical issues in connection with financial statement reporting and the audit. In addition, a systematic annual assessment is performed on the basis of checklists and fee comparisons within the auditing sector. Based on this evaluation, a proposal for the election of the external auditors and Group auditors is submitted to the Board of Directors for the attention of the annual general meeting.