Auditing

As a company quoted on the Italian Stock Exchange, by law Banca IFIS’s auditing of accounts is entrusted entirely to an external auditing company. This company has the responsibility of assessing regular corporate accounting and the correct recording of operations in accounting entries over the year, as well as to ensure that the individual and consolidated annual reports truly record accounting entries and assessments carried out, and that these financial documents conform to the applicable norms.

The external auditing company expresses its opinion on the individual and consolidated annual report as well as on the half-yearly interim report.

The external auditing company currently used by Banca IFIS is EY S.p.A. for the legal auditing of Banca IFIS’s separate and consolidated financial statements for the next nine years as from closure at 31 December 2014 to 31 December 2022 and for 26 the additional duties strictly connected to legal auditing for the nine years running from 2014 to 2022..

The appointment of the external auditing company is carried out by the Ordinary Shareholders’ Meeting, based on proposals put forward by the Board of Statutory Auditors.

The following table shows – for the 2014 year – the compensation paid for the external auditing of accounts and similar services, as per art. 149 duodecies of Consob Regulation no. 11971.

 

Type of services Service provider Beneficiary Fees (in Euro)
Auditing (**) EY S.p.A. Banca IFIS S.p.A. 71.525
Subsidiaries (*) 20.315
Certification services (***) EY S.p.A. Banca IFIS S.p.A.
Subsidiaries (*)
Tax consultancy services EY S.p.A. Banca IFIS S.p.A.
Subsidiaries (*)
Other services EY S.p.A. Banca IFIS S.p.A.
Subsidiaries (*)
Total 91.840

(*)Group company and other consolidated companies.
(**) Inclusive of the auditing costs incurred for in situ auditing of the foreign branches and subsidiaries of the parent company, the Corporate Governance Report and other minor items (National Guarantee Fund, compulsory fiscal obligations).
(***) Inclusive of auditing costs, on a voluntary basis, for the “Pillar 3” report.
Compensation is net of VAT and out-of-pocket expenses.