Auditor Oversight Act (AOA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Art. 15 Licensing and registration
1 The Oversight Authority shall decide, on application, on the licensing of: a. auditors; b. audit experts; c. audit firms under state oversight; d. audit companies and lead auditors for the audit under the financial market acts (Article 1 paragraph 1 FINMASA) in accordance with Article 9a. 1bis It may restrict licensing to the provision of certain kinds of auditing services to certain public interest entities. 2 It shall maintain a register of licensed individuals and audit firms. This register shall be public and shall be published on the Internet. The Federal Council shall determine the content of the register. 3 Registered individuals and audit firms must inform the Oversight Authority of any change to the details entered in the register.
Para. 1 let. d — Inserted by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857). Para. 1 let. d — SR 956.1 Para. 1bis — Inserted by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).
Art. 15a Duty to inform and notify
1 The following persons and companies must provide the Oversight Authority with all the information and documents that it requires to fulfil its tasks: a. licensed individuals and audit firms; b. individuals who are members of the highest supervisory and governing bodies or the executive body of an audit firm and are not licensed by the Oversight Authority; c. employees of the audit firm and all persons it calls upon for auditing services; d. audited companies; e. all companies forming a group with the audited company and whose annual financial statements must be consolidated, together with their auditors. 2 Furthermore, persons and companies in accordance with paragraph 1 letters a and b must notify the Oversight Authority immediately in writing of incidents relevant to the licence or the oversight.
Art. 15a — Inserted by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).
Art. 15b Processing of personal data and data relating to legal entities
In order to fulfil its statutory duty, the Oversight Authority may process personal data and data relating to legal entities, including sensitive personal data as defined in the Data Protection Act of 25 September 2020 and sensitive data relating to legal entities as defined in the Government and Administration Organisation Act of 21 March 1997.
Art. 15b — Inserted by Annex 1 No II 21 of the Data Protection Act of 25 Sept. 2020, in force since 1 Sept. 2023 (AS 2022 491; BBl 2017 6941). SR 235.1 SR 172.010
Art. 16 Inspection of audit firms under state oversight
1 The Oversight Authority shall subject audit firms under state oversight to a detailed inspection at least once every three years. 1bis ... 1ter In the event of suspected violations of legal duties, the Oversight Authority shall conduct a corresponding inspection independent of the inspection cycle in accordance with paragraph 1. 2 It shall verify: a. the accuracy of the details contained in the licensing documents; b. compliance with legal duties, audit and quality control standards recognised by it, professional standards, codes of ethics and, if applicable, listing rules; c. the quality of the audit services provided by means of individual control samples; d. compliance with and implementation of the instructions it has issued. 3 It shall issue a written report on the results of the inspection for the attention of the audit firm’s highest supervisory or governing body. 4 If it identifies infringements of statutory duties, it shall issue a written reprimand to the audit firm under s
Para. 1 — Amended by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073, BBl 2013 6857). Para. 1bis — Inserted by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857). Repealed by Annex No II 3 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 1ter — Inserted by No I of the FA of 20 June 2014 (Bundling
Art. 16a Standards for audits and quality control
1 Audit firms under state oversight must comply with standards for audits and quality control when providing auditing services in accordance with Article 2 letter a number 1. 2 The Oversight Authority determines the applicable nationally or internationally recognised standards. If there are no standards or are they insufficient, the Oversight Authority may enact its own standards, or complement or modify existing ones.
Art. 16a — Inserted by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).
Art. 17 Withdrawal of licence
1 If a licensed auditor or audit firm no longer satisfies the licensing requirements under Articles 4−6 or 9a, the Oversight Authority may withdraw the licence for a limited or unlimited period. If it is possible for compliance with the licensing requirements to be restored, a warning must be given prior to such withdrawal. The Oversight Authority issues a written reprimand if the withdrawal of the licence is disproportionate. 2 If an audit firm under state oversight no longer satisfies the licensing requirements or commits repeated or serious infringements of the statutory provisions, the Oversight Authority may withdraw its licence for a limited or unlimited period. A warning must be given prior to such withdrawal, unless the matter involves a serious infringement of the law. 3 The Oversight Authority shall inform the companies concerned and the stock exchange of the withdrawal of the licence. 4 During the limited withdrawal period, the concerned individual or audit firm remains subj
Para. 1 — Amended by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073, BBl 2013 6857). Para. 4 — Inserted by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).
Art. 18 Actions against individuals working for audit firms under state oversight
If an individual who is working for an audit firm under state oversight infringes the statutory provisions, he or she shall be issued with a written reprimand by the Oversight Authority. In the event of repeated or serious infringements, the Oversight Authority may prohibit this person from exercising his or her function for a limited or unlimited period and, if applicable, withdraw the licence in accordance with Article 17 paragraph 1.
Art. 19 Informing the public
1 The Oversight Authority shall publish an annual report on its activities and practices. 2 It shall only provide information about ongoing and concluded proceedings if this is necessary for reasons of overriding public or private interests.
Art. 20 Engagement of third parties
1 The Oversight Authority may engage third parties in order to carry out its tasks. 2 The third parties engaged must be independent from the audit firm under state oversight and from companies for which they provide audit services. 3 They must maintain confidentiality with regard to matters that come to their attention within the context of their work.
Art. 21 Financing
1 The Oversight Authority shall charge fees for its decisions, inspections and services. 2 To cover the oversight costs that are not covered by fees, the Oversight Authority shall charge an annual oversight levy to audit firm under state oversight. This shall be levied on the basis of the costs incurred in the accounting year in question and shall take account of the economic significance of the audit firms under state oversight. 3 The Federal Council shall determine the details, in particular the rates for fees, the assessment of the oversight levy and the allocation of this levy to the audit firms under state oversight.