External auditors of listed companies are required to be entered to a special Register kept by Consob. During the financial year they are required to check that:
- the company’s accounts are properly kept and that events and transactions are correctly represented in the accounting records;
- the company's annual accounts and consolidated accounts correspond to its accounting records and to the results of the auditors' tests, and that they comply with the relevant laws and regulations.
Additionally, on Consob’s recommendation, the external auditors shall also carry out:
- a limited review of the consolidated first-half report.
An auditing firm was appointed to perform the above tasks by UniCredit’s Shareholders on 4 May 2004. At their General Meeting held on 10 May 2007 and in line with the Board of Statutory Auditors’ proposal, this audit appointment was extended until approval of the 2012 financial year accounts.
Regulations (Legislative Decree 303/06) introduced the possibility of extending external auditor appointments to a non-renewable maximum duration of nine years.
The auditing firm currently appointed by UniCredit as its external auditors is KPMG S.p.A. whose address is as follows:
Via Vittor Pisani, 25
20124 Milano
Tel. 02 67631
www.kpmg.it
The following table gives fees paid in 2010 for audit services rendered by KPMG S.p.A. and firms in its network:
| SERVICE TYPE | SERVICE PROVIDER | USER | FEES (€ '000) (1) |
|---|
| Audit (2) | KPMG S.p.A. | Parent-UniCredit S.p.A. | 7,161 |
| KPMG S.p.A. | Subsidiaries | 2,934 |
| KPMG network | Subsidiaries | 20,088 |
Certification, letters of comfort
etc. | KPMG S.p.A. | Parent-UniCredit S.p.A. (3) | 1,020 |
| KPMG S.p.A. | Subsidiaries (4) | 649 |
| KPMG network | Parent-UniCredit S.p.A. | 0 |
| KPMG network | Subsidiaries (5) | 1,643 |
| Other services | KPMG S.p.A. | Parent-UniCredit S.p.A. | 22 |
| KPMG S.p.A. | Subsidiaries | 110 |
| KPMG network | Parent-UniCredit S.p.A. | 0 |
| KPMG network | Subsidiaries (6) | 5,609 |
| Total | 39,236 |
(1) Excl. VAT and Expenses.
(2) Does not include fees for audits of investment funds.
(3) Comfort letters concerning bond issues; audit of the sustainability report and related reporting system; assessment of the activities related to personal loans secured on one-fifth of net income carried out by UniCredit Family Financing Bank S.p.A. and Family Credit Network S.p.A.; signing the Italian tax declaration forms (Modello Unico and Modello 770 S/O); report on the value of Fondo Capital Italia S.A. shares, monitoring over the
servicing report of the securitisation transactions.
(4) Mainly services related to securitizations, controls over lending activities and the internal control system of UniCredit Leasing, UniCredit Credit Management Bank, Trevi Finance, IRFIS e UniCredit Factoring for €491 thousand and signing the Italian tax declaration forms (Modello Unico and Modello 770 S/O).
(5) Checks required by local regulations in Germany: €1,069 thousand and CEE countries: €386 thousand.
(6) Mainly assistance provided to the subsidiary UniCredit Bank AG for implementation of the procedures /processes for Eurosig, P&L Reconciliation, Hedge Accounting of Credit Risk, Multi-Currency Accounting and Liquidity Risk Management and other activities: €4,859 thousand, and assistance provided to other subsidiaries in Germany: €211 thousand; tax services provided to subsidiaries: €436 thousand.
