The costs for the financial, supervisory and special statutory audits of the companies of VP Bank Group amounted to CHF 1,226,886 for the 2021 financial year (2020: CHF 1,113,995).
In the 2021 financial year, PricewaterhouseCoopers billed CHF 272,625 (2020: CHF 285,135) for services rendered, mainly in connection with tax services for investment funds. 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.
Audit-related control and supervision mechanisms
The Audit Committee checks both the multiple-year audit plans and the scheduled annual audit interventions and discusses these as a separate agenda item with the external auditor in overall charge of the mandate and the head of Group Internal Audit. The Audit Committee attaches particular importance to adopting a risk-based approach to audit planning and execution and to a sensible co-ordination of the activities of the external and internal auditors. All reports drawn up by the external auditors are discussed at meetings of the Audit Committee.
In 2021, the external auditors attended all meetings of the Audit Committee at which agenda items relating to external auditing were discussed. In addition to this, the external auditor in overall charge of the mandate was present at the meeting of the Board of Directors at which the report required by banking law was presented and discussed.
Each year the Audit Committee evaluates and assesses the effectiveness and independence of the external auditors. That assessment is based on the documents drawn up by the external auditors, such as the report required by banking law and management letters, and on oral and written opinions on specific matters and technical issues pertaining to accounting and auditing.
Another review carried out on an annual basis is a systematic evaluation based on check lists and cross-sector comparisons of charges. On the basis of this evaluation a proposal is submitted to the Board of Directors for consideration by the general meeting of shareholders regarding the election of the external auditor and the independent Group auditor.
Your contact person is Rudolf Seuhs, Senior Corporate Communications Manager.