Group and statutory auditors
KPMG SA was first appointed as Group and statutory auditor of Givaudan SA and its affiliates at the Annual General Meeting of shareholders on 23 March 2023, and has held the audit mandate since that time.
The Audit Committee and the Board reconsider on an annual basis whether the statutory auditors should be proposed for re-election to the shareholders’ meeting.
The rotation of the lead auditor follows the legally required maximum duration of seven years in accordance with the art. 730a para. 2 of the Swiss Code of Obligations.
The Audit Committee meets the external auditor at least four times per year, including private sessions without the presence of management. For each meeting the external auditors prepare a report in which they comment on their activities and are available for particular questions raised by the Audit Committee. In addition, the Board of Directors meets with the external auditor as well at least once per year.
The Audit Committee conducts an assessment of the audit services provided by KPMG during its regular meetings to evaluate the performance of KPMG as external auditors.
Internal audit
The Internal Audit function is established as an independent and objective function reporting directly to the Audit Committee. The mission of Internal Audit is to enhance and protect organisational value by providing risk based and independent assurance, advice and insight. The objective of the audit is to confirm that key risks are adequately controlled, and that underlying processes are functioning as intended and adhered to.
Givaudan corporate strategy, risk management findings, past audit results, management input and changes in the organisation are the elements taken into account to build the annual internal audit plan. Reporting, accountability assignment of audit observations, and regular follow-up ensure the implementation of the audit recommendation as well as the related risk reduction.
The individual audits are supervised and conducted by Givaudan internal auditors and dedicated staff from the third party contractor Ernst & Young. Internal Audit applies best professional and ethical practices, such as the International Professional Practices Framework (‘IPPF’) issued by the Institute of Internal Auditors. The internal audit activity is reported to the full Board of Directors once a year.
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