Board of Control
Based on the proposal of the Board of Directors, the Assembly of Delegates elects an independent auditing company as the external Board of Control. The Board of Control is appointed for a term of office of two years, and may be reappointed.
Based on the recommendations of the FMC Audit Committee, the FMC Board of Directors proposes an independent auditing company to be elected by the Assembly of Delegates.
PricewaterhouseCoopers (PwC) was chosen as FMC's auditor for the first time in July 2000 (previously Schweizerische Treuhand Gesellschaft – Coopers & Lybrand AG); it has been confirmed as auditor of the FMC Board of Control and the Migros Group until 30 June 2020. The Chief Auditor, Rodolfo Gerber, certified auditor, took up his post in the 2013 financial year. PwC will ensure that this partner is replaced as mandate manager after seven years at the latest.
Based on the recommendation of the committees of the ten regional Migros Cooperatives, the boards of directors propose an independent auditing company to the Cooperative Councils or voting circles for election. PwC was elected as the Board of Control of the Migros Cooperatives for the first time in 2012. It is elected as auditor of the subsidiaries of the FMC as part of the overall mandate.
PwC is responsible for assessing the consolidated financial statements with regard to their compliance with Swiss GAAP FER and Swiss law, and the compliance of the separate financial statements of the Federation of Migros Cooperatives, the ten regional Cooperatives and other Group companies.
Auditing & other fees
Across the Group, PwC invoiced the following fees for services performed in relation to the 2019 and 2018 financial statements:
| In CHF 1'000 | 2019 | 2018 |
|---|---|---|
| Auditing services | 3'402 | 3'069 |
| Other services | 1'172 | 489 |
| Total | 4'574 | 3'558 |
The auditing services include the following duties:
- Specific tasks to assess the consolidated financial statements and financial statements of the Federation of Migros Cooperatives, and the financial statements of the regional Cooperatives and other subsidiaries.
- Assessment of the efficiency of the internal controls for the Migros Group's financial reporting.
- Audit services that can usually only be performed by the statutory auditor, such as auditing the introduction of new valuation and accounting principles, information systems and the corresponding control environment. The internal audit function of the Migros Community makes an important contribution to these auditing services.
The other services cover the areas of company valuation, tax consulting, accounting and due diligence audits performed in 2019 and 2018.
