8. Auditor
8.1 Duration of mandate and term of office of the lead auditor
For reasons of corporate governance, and with a view to the introduction of a mandatory rotation principle, PricewaterhouseCoopers AG, Zurich, were appointed as Group and statutory auditors, starting with the 2020 financial year, following the proposal of the Board of Directors at the annual general meeting of 26 April 2019. At the annual general meeting of 28 April 2023, PricewaterhouseCoopers AG were reappointed as Group and statutory auditors for the 2023 financial year.
Roman Berlinger has been the lead auditor since 2023.
8.2 Audit fee1
in CHF 1,000 | 2023 | 2022 |
|---|---|---|
Audit of annual financial statements | 673 | 607 |
Other audit-related and certification services | 872 | 810 |
Total | 1,545 | 1,417 |
- Professional fees are reported exclusive of VAT and expenses.
The costs for the financial, supervisory and special statu- tory audits of the companies of VP Bank Group amounted to CHF 1,544,703 for the 2023 financial year (2022: CHF 1,416,903).
8.3 Additional professional fees1
in CHF 1,000 | 2023 | 2022 |
|---|---|---|
Tax-advisory services | 64 | 156 |
Other services | 426 | 23 |
of which audit-related services |
|
|
of which legal services |
|
|
of which other advisory services | 426 | 23 |
Total | 490 | 179 |
- Professional fees are reported exclusive of VAT and expenses.
In the 2023 financial year, PricewaterhouseCoopers billed CHF 490,477 (2022: CHF 179,015) for additional services rendered.
In assigning additional tasks to the auditors, the bank ensures that these services are commensurate with their activities as external auditors and lead to no conflicts of interest.
8.4 Supervisory and control instruments in relation to the external audit
The Audit Committee reviews the multiyear 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 the Head of Group Internal Audit. The Audit Committee attaches particular importance to a risk-oriented approach in the planning and conduct 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 the meetings of the Audit Committee. In 2023, the external auditors were present at all meetings of the Audit Committee in which external audit-related items were on the agenda. In addition, the Auditor-in-Charge was in attendance at the Board of Directors’ meeting to present and deal with the Banking-Law Auditors’ Report.
Each year, the Audit Committee examines and evaluates the effectiveness and independence of the external auditors. In doing so, 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 issues and technical questions in connection with financial-statement reporting and the audit. Furthermore, a systematic annual assessment is made with reference to checklists and professional fee comparisons within the auditing industry. Based on this evaluation, a motion is submitted to the Board of Directors for the attention of the annual general meeting as regards the election of the external auditors and the Group Auditor.