External auditors

Responsible auditing

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 for the 2020 financial year following the proposal of the Board of Directors at the Annual General Meeting of 26 April 2019, for the first time for the fiscal year 2020. At the Annual General Meeting on 28 April 2023, PricewaterhouseCoopers AG were re-elected as Group auditors and statutory auditors for the fiscal year 2023.
Audit fees

The costs for the financial, supervisory and special statutory audits of the companies of VP Bank Group amounted to CHF 1,416,903 for the 2022 financial year (2021: CHF 1,226,886).

Additional fees

In the 2022 financial year, PricewaterhouseCoopers billed CHF 179,015 (2021: CHF 279,001) 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 2022, 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.

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Your contact person is Rudolf Seuhs, Senior Corporate Communications Manager.
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