8.1Duration of the mandate and term of office of the lead auditor
The Annual General Meeting of Shareholders elects the auditors for a term of one year. On 14 April 2022, the Annual General Meeting of Shareholders mandated KPMG, Cicor Technologies Ltd.’s Group auditor since 2007, for an additional year. KPMG or a subsidiary of the KPMG Group audits the consolidated and statutory financial statements. The auditor in charge since 2020 of the current mandate is Kurt Stocker.
During the year under review, KPMG charged a total of TCHF 346 (previous year: TCHF 295) for their services in connection with the auditing of consolidated and statutory financial statements.
KPMG additionally charged fees of TCHF 43 (previous year: TCHF 141) for other services provided to Cicor Group.
8.4Supervisory and control instruments pertaining to the audit
The Audit Committee supervises and controls on behalf of the Board of Directors the performance and independence of the external auditors. It determines the targets of the audit and assesses the work of the external auditors and their fees. In addition, it reviews the audit result and monitors the implementation of the findings by the management.
In 2022, the Audit Committee and the external auditors met once to plan the auditing of the financial statements of the Group and its subsidiaries. In a second meeting, these financial statements, as well as the corresponding “Management Letter” formulated by external auditors, were reviewed and discussed in detail with the Audit Committee. In total, the Audit Committee had three meetings in the presence of the external auditors.