Annual Review 2008 - Hyposwiss Privatbank AG

Auditor’s report
The following Auditor’s report refers to the 2008 annual
report, which is available from Hyposwiss Private Bank Ltd.
Auditor’s report on the annual accounts
In the capacity of auditor, we have audited the annual
accounts of Hyposwiss Private Bank Ltd., (balance sheet, income
statement, cash flow statement and notes to the accounts;
pages 25 to 48 of the annual report) for the financial year
ended 31 December 2008.
Responsibility of the Board of Directors
The Board of Directors is responsible for preparing the annual
accounts in compliance with the legal requirements and articles
of association. This responsibility includes the design, implementation
and upkeep of an internal control system to allow the
preparation of annual accounts that are free from significant
false statements as a result of violations or errors. Furthermore,
the Board of Directors is responsible for the selection and application
of appropriate accounting methods and for making
adequate estimates.
Auditor’s responsibility
Our responsibility is to issue an audit opinion on the annual
accounts based on our audit. We conducted our audit in
compliance with Swiss law and with the Swiss auditing standard.
On the basis of these standards, audits are to be planned and
performed in such a way that material misstatements in the
annual accounts are reasonably certain to be recognised.
An audit includes the performance of audit activities to obtain
audit evidence for the valuations contained in the annual
accounts and other information. The choice of audit activities
is a matter for the dutiful discretion of the auditor. This incorporates
an assessment of the risks of significant false information
in the annual accounts as a result of violations or errors. In
assessing these risks, the auditor takes into account the internal
control system, to the extent that it is significant for the preparation
of the annual accounts, in order to define the appropriate
audit activities for the circumstances, but not, however, to issue
an audit opinion on the effectiveness of the internal control
system. The audit also incorporates an assessment of the adequacy
of the accounting methods used, the plausibility of the estimates
made and an evaluation of the overall view of the annual
accounts. We are of the view that the audit evidence obtained
by us provides a sufficient and appropriate basis for our audit
opinion.
Audit opinion
In our view, the annual accounts for the financial year ended
31 December 2008 are in compliance with Swiss law and the
articles of association.
Reporting due to additional statutory regulations
We confirm that we meet the statutory requirements in respect
of authorisation according to the Federal Act on the Licensing
and Oversight of Auditors (Revisionsaufsichtsgesetz, RAG) and
independence (Article 728 CO and Article 11 RAG) and that there
are no circumstances inconsistent with our independence.
In compliance with Article 728a (1) figure 3 CO and the Swiss
Audit Standard 890 we confirm that an internal control system
exists for the preparation of the annual accounts that has been
designed in accordance with the guidelines from the Board of
Directors.
We further confirm that the application for the appropriation
of net retained profits is in compliance with Swiss law and the
articles of association and recommend that these annual
accounts be adopted.
Zurich, 5 February 2009
PricewaterhouseCoopers AG
Pascal Portmann Thomas Kleger
Audit specialist
Chief Auditor
Audit specialist
Hyposwiss Annual Review 2008 33