7.1. Duration of the mandate and term of the Auditor in Charge
The Annual General Meeting elects the auditors for a term of one year. KPMG Ltd, Lucerne, was elected for the first time at the AGM 2020 as auditor of HOCHDORF Holding Ltd for 2020, up to and including the General Assembly 2021. The Auditor in Charge is Thomas Affolter.
7.2. Audit fee
Calculated on an accrual basis, the expenses of the auditor KPMG for the audit of the individual financial statements and the consolidated financial statements for 2020 amounted to approximately TCHF 153.
7.3. Additional fees
In the reporting year, no additional fees were incurred by KPMG Ltd for consulting services.
7.4. Instruments for supervising and controlling the audit
The Audit Committee of the Board of Directors assesses the performance, invoicing and independence of the external auditors and makes recommendations to the Board of Directors. Every year, the Audit Committee checks the scope of the external audits, the audit plans and the relevant processes and discusses the audit results with the external auditors. In 2020, the Auditor in Charge attended three meetings of the Audit Committee.