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External auditors

Responsible auditing

Since 1956 Ernst & Young AG, Berne, has acted as external auditor of VP Bank Ltd (pursuant to the Code of personal and company law of the Principality of Liechtenstein) and since 1994 also as the independent auditor of VP Bank Group.

Ernst & Young AG also performs the function of statutory external auditor within the meaning of Liechtenstein banking law. Bruno Patusi has had overall responsibility for the VP Bank audit mandate since 2014 (general meeting held on 25 April 2014). Philipp de Boer has been the Auditor in charge since 2018.

 

Audit fees

In the 2018 financial year Ernst & Young charged VP Bank Group a total of CHF 1.25 million (previous year: CHF 1.47 million) for services rendered in connection with the statutory audit of the annual financial statements of VP Bank and its Group companies and the audit of VP Bank Group's consolidated financial statements.

 
Additional fees

In addition, in 2018 Ernst & Young charged CHF 0.079 million (previous year: CHF 0.24 million) for audit-related services and advisory work.

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 2018 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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