Edisun Power Europe Ltd. Corporate Governance Report 2010 ...

22 Corporate Governance Report 2010
9 Auditors
Duration of the mandate and term of
office of the lead auditor
During the Annual General Shareholders’ Meeting of May
9, 2008 PricewaterhouseCoopers AG was first appointed
as auditors of Edisun Power Europe Ltd. and Edisun Power
Group. They were elected following a diligent proposal
process and mainly due to their level of competence, independence
respectively reputational standing as one of
the Big 4. Before that Ecovis ws&p AG was in charge of the
statutory audit. PricewaterhouseCoopers was elected for
a term of one year, with Patrick Balkanyi acting as lead
auditor since then. In accordance with Swiss law, the
maximum term the lead auditor can be in charge,
amounts to seven years.
Fees
The following overview shows all cost which PricewaterhouseCoopers
charged to the Edisun Power Group during
the financial year 2010 and 2009 in CHF:
2010 2009
Audit services 67 900 71 500
Total 67 900 71 500
Audit services are defined as the standard audit work
that needs to be performed each year in order to issue
opinions on the Consolidated Financial Statements of
the Edisun Power Group as well as opinions on the local
statutory accounts.
Information instruments pertaining
to the external audit
Prior to the start of the annual audit, Pricewaterhouse-
Coopers presents to the Audit Committee a detailed annual
audit plan including the proposed audit fees. At the
end of the audit, PricewaterhouseCoopers presents to
the Audit Committee a detailed report on the conduct of
the financial statements audit, the findings (if any) on
significant financial accounting and reporting issues as
well as the findings (if any) on the Group’s internal control
system (ICS).The Audit Committee of the Board of Directors
reviews the performance, compensation, and independence
of the external auditors on a regular basis. The
Audit Committee reports regularly its findings to the
Board of Directors.