Auditor Oversight Ordinance (AOO)
Amended by Annex No 1 of the O of 22 Nov. 2023, in force since 1 Jan. 2024 (AS 2023 750).
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only, has no legal force and may not be relied on in legal proceedings.
Section 1 General Provisions
Inserted by Annex No 1 of the O of 22 Nov. 2023, in force since 1 Jan. 2024 (AS 2023 750).
Art. 1 Licence application
1 A licence application must be submitted to the Oversight Authority by: a. any individual who wishes to provide audit services as an auditor or audit expert; b. any audit firm that wishes to provide audit services as an auditor, audit expert or audit firm under state oversight; c. any individual who based on a licence in accordance with letter a wishes to perform audits under the financial market acts as a lead auditor in accordance with Article 1 paragraph 1 of the Financial Market Supervision Act of 22 June 2007 (financial market acts) (Art. 9a para. 2 AOA); d. any audit firm which based on the licence in accordance with letter b wishes to perform audits under the financial market acts as an audit company (Art. 9a para. 1 AOA); e. any individual who, based on a licence in accordance with letter a, wishes to perform audits in accordance with Articles 68 and 68a of the Federal Act of 20 December 1946 on Old-Age and Survivors’ Insurance (OASIA) as a lead auditor; f. any audit firm whic
Para. 1 let. c — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Para. 1 let. c — SR 956.1 Para. 1 let. d — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Para. 1 let. e — Inserted by Annex No 1 of the O of 22 Nov. 2023, in force since 1 Jan. 2024 (AS 2023 750). Para. 1 let. e — SR 831.10 Para. 1 let. f — Inserted by Annex No 1 of the O of 22
Art. 2 Form of the application
1 The licence application shall be submitted in electronic form and on paper. It must be signed. If the application does not bear a qualified electronic signature in accordance with the Federal Act on Electronic Signatures of 18 March 2016, an approval receipt must be signed by hand and handed in on paper. 2 If the electronic submission of the application is not possible, the application must be submitted on paper. It must be signed by hand.
Art. 2 — Amended by No I 2 of the O of 18 June 2021 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 400). Para. 1 — SR 943.03
Art. 3 Content of the application and documents
1 In the application the applicant must provide all the details and name all the documents from which it can be established that the licensing requirements have been satisfied. 2 The documents shall only be submitted on the request of the Oversight Authority. 3 The documents shall be submitted in the form of copies of the originals. The Oversight Authority may request the submission of the original document or a certified copy on paper or in electronic form. 4 The Oversight Authority may collect documents itself if it has obtained the applicant’s prior consent.
Art. 4 Assurance of proper conduct of auditing activities
1 The applicant shall be licensed if he or she is of good repute and no other personal circumstances suggest that he or she does not assure the proper conduct of auditing activities. 2 The following shall be taken into account in particular: a. criminal convictions; b. existing loss certificates.
Para. 2 let. a — Amended by No I of the O of 14 Nov. 2012, in force since 1 Dec. 2012 (AS 2012 6071).
Art. 5 Graduation from a course at a university or university of applied sciences
Undergraduate degrees (bachelor’s degree) with 180 credits or the graduate degrees (master’s degree) with an additional 90 to 120 credits in accordance with the European Credit Transfer System (ECTS) shall be considered degrees from a university or university of applied sciences (Art. 4 para. 2 let. c AOA).
Art. 5 — Amended by No 1 of the O of 18 April 2012, in force since 1 May 2012 (AS 2012 1777).
Art. 6 Demonstration of the necessary knowledge of Swiss law
The necessary knowledge of Swiss law shall have been demonstrated if the applicant has successfully passed an examination in accordance with exam regulations recognised by the Oversight Authority (Art. 34).
Art. 6 — Amended by No I of the O of 10 Nov. 2010, in force since 1 Dec. 2010 (AS 2010 5171).
Art. 7 Professional experience
1 Professional experience is deemed to be acquired primarily in the area of accounting and financial statement auditing (Art. 4 para. 4 and Art. 5 para. 2 AOA) if at least three quarters of an applicant’s professional experience has been acquired in those two fields. 2 In the case of licensing as an audit expert, experience in financial statement auditing (FSA) must account for at least one third of total professional experience in accordance with paragraph 1. At least one third of experience in financial statement auditing is to be gained in the area of ordinary audits. 3 In the case of licensing as an auditor, experience in financial statement auditing must account for at least one half of total professional experience in accordance with paragraph 1. 4 Professional experience shall be deemed to have been acquired under oversight (Art. 4 para. 4 and Art. 5 para. 2 AOA) if: the applicant was formally subordinate to a specialist who satisfies the legal requirements and was bound by inst
Art. 7 — Amended by No I of the O of 23 Nov. 2022, in force since 1 Jan. 2023 (AS 2022 768).
Art. 8 Entry in the commercial register
1 Individuals may only provide audit services independently if: a. they are entered in the commercial register as sole proprietorships; and b. they and their sole proprietorship are licensed accordingly by the Oversight Authority. 2 Audit firms whose registered office is outside Switzerland may only perform audit services in accordance with Swiss law if they have a registered branch office in Switzerland.
Para. 1 let. b — Amended by No I of the O of 14 Nov. 2012, in force since 1 Dec. 2012 (AS 2012 6071).
Art. 9 Management structure
1 An audit firm has a management structure that is sufficient to supervise the individual assignments if it: a. has an internal quality control system; b. supervises the appropriateness and effectiveness of the quality control principles and measures. 2 ...
Para. 2 — Repealed by No I of the O of 23 Aug. 2017, with effect since 1 Oct. 2017 (AS 2017 4863).
Art. 9a Licensing of audit firms domiciled abroad
1 Audit firms domiciled abroad shall be licensed as audit firms under state oversight if: a. they meet the requirements of Article 9 AOA or equivalent requirements; and b. they guarantee the fulfilment of the duties to inform and notify and grant access to the Swiss Oversight Authority. 2 Foreign audit firms providing auditing services for Swiss public interest entities under Swiss law are subject to Swiss oversight. 3 Foreign audit firms that are subject to oversight or opt for oversight in their country of domicile by a foreign oversight authority recognised by the Federal Council are not required to be licensed in Switzerland as audit firms under state oversight. 4 If it is possible that an audit firm will become subject to oversight subsequent to licensing in Switzerland, it must notify the Swiss Oversight Authority accordingly. The Swiss Oversight Authority shall allow the audit firm a reasonable period of time in which to obtain a licence in its country of domicile.
Art. 9a — Inserted by No I of the O of 1 July 2015, in force since 1 Oct. 2015 (AS 2015 2439). Para. 3 — Inserted by No I of the O of 23 Aug. 2017, in force since 1 Oct. 2017 (AS 2017 4863). Para. 4 — Inserted by No I of the O of 23 Aug. 2017, in force since 1 Oct. 2017(AS 2017 4863).
Art. 10 Recognition of foreign oversight authorities
1 The recognition of equivalent foreign oversight authorities may be based on the recognition by other states or international bodies as well as on the granting of reciprocal rights. 2 The foreign oversight authorities recognised in accordance with Article 8 paragraph 2 AOA are listed in Annex 2. 3 The Oversight Authority may cooperate with the recognised foreign oversight authority for compelling reasons even if the licensing duty under Article 8 paragraph 2 AOA no longer applies to the foreign audit firm.
Art. 10 — Amended by No I of the O of 1 July 2015, in force since 1 Oct. 2015 (AS 2015 2439).
Art. 10a Sufficient insurance against liability risks
1 An audit firm under state oversight shall be sufficiently insured against liability risks if it has taken out insurance against economic loss or has equivalent financial security to cover its liability arising from the auditing of public companies. 2 The insured sum that is available to cover all claims made within a year must amount to at least: a. 5 million francs in the case of audit fees in excess of 20 million francs; b. 2 million francs in the case of audit fees of between 10 and 20 million francs; c. 1 million francs in all other cases. 3 The basis for determining the level of the audit fees shall be all the audit fees that the audit firm under state oversight has posted for audit services to public companies in its most recently approved annual financial statements. 4 Paragraph 2 letter c applies to audit firms under state oversight that do not post any audit fees from public companies. 5 The Oversight Authority may increase the insured sum in individual cases if it is not co
Art. 10a — Originally Art. 11.
Art. 10b Effect of decision to grant licence
1 The applicant may only provide audit services once the Oversight Authority has taken the decision to grant the licence. 2 The licence to operate as an audit firm under state oversight and as an audit expert shall at the same time cover the licence to provide audit services, for which federal law prescribes less stringent professional requirements. 2bis The licence of an audit firm or a lead auditor for regulatory audit which has been granted for a specific oversight area does not cover auditing under Article 24 paragraph 1 letter a of the Financial Market Auditing Act of 22 June 2007 in another oversight area. 2ter The licence granted for auditing in an oversight area in accordance with Article 11a paragraph 1 letters a–c also covers auditing compliance with the provisions of the Anti-Money Laundering Act of 10 October 1997 and the Federal Act on Financial Services of 15 June 2018 in the oversight area concerned. 3 Before the decision to grant the licence is taken, titles such as «li
Art. 10b — Originally Art. 12. Para. 2bis — SR 956.1 Para. 2bis — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Para. 2ter — SR 955.0 Para. 2ter — SR 950.1 Para. 2ter — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014 (AS 2014 4295). Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 3 — Amended by Annex No
Art. 10c Duty to assist
Individuals and firms who may be subject to the AOA on the basis of their commercial register entry, business activity or business advertising may be asked by the Oversight Authority to supply all the documents and information that the latter needs to assess whether they are undertaking an activity that requires a licence.
Art. 10c — Originally Art. 14.
Art. 11 Notification of withdrawal of licence
If the Oversight Authority withdraws the licence from an individual or an audit firm for a limited or unlimited period, it shall inform the competent commercial register offices, the stock exchange (if applicable) and the oversight authorities that, according to the entry in the register of auditors, have granted a licence in accordance with specific legislation.
Art. 11 — Originally Art. 15.
Section 2 Licensing for Audits under the Financial
Inserted by Annex No 1 of the O of 22 Nov. 2023, in force since 1 Jan. 2024 (AS 2023 750).
Art. 11a Licensing
1 The Oversight Authority shall grant licences to audit firms under state oversight and to lead auditors for audits under the financial market acts for the following oversight areas: a. banks in accordance with the Banking Act of 8 November 1934 (BankA), financial market infrastructures, financial groups and public takeover offers in accordance with the Financial Market Infrastructure Act of 19 June 2015, securities firms in accordance with the Financial Institutions Act of 15 June 2018 (FinIA) and mortgage bond clearing houses in accordance with the Mortgage Bond Act of 25 June 1930; a.bis persons in accordance with Article 1b BankA; b. insurance companies in accordance with the Insurance Supervision Act of 17 December 2004; c. fund management companies and managers of collective assets in accordance with FinIA, investment funds, investment companies with variable capital (SICAV), limited liability companies for collective capital investments, investment companies with fixed capital (
Art. 11a — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Art. 11a — Amended by Annex No 1 of the O of 22 Nov. 2023, in force since 1 Jan. 2024 (AS 2023 750). Para. 1 let. a — Amended by No I 2 of the O of 18 June 2021 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 400). Para. 1 let. a — SR 952.0 Para. 1 let. a — SR 958.1 Para. 1 let. a — SR 954.1
Art. 11b Sufficient organisation
1 An audit firm is sufficiently organised for the audits under the financial market acts (Art. 9a para. 1 let. b AOA) if: a. it has at least two licensed lead auditors for the oversight area in accordance with Article 11a for which the licence is granted; b. after three years at the latest it has at least two audit mandates in the oversight area in accordance with Article 11a for which the licence is granted; c. it complies with the provisions regarding documentation and safekeeping of documents in accordance with Article 730c CO regardless of its legal form. [tab] 2 The audit mandates in the oversight areas in accordance with Article 11a paragraph 1 letters a and c are counted towards the oversight area in accordance with Article 11a paragraph 1 letter abis.
Art. 11b — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Para. 1 let. tab — Inserted by No I 2 of the O of 18 June 2021 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 400).
Art. 11c Incompatibility with the exercise of an activity requiring permission in accordance with the financial market acts
The exercise by the following persons of an activity requiring permission in accordance with the financial market acts (Art. 9a paragraph 1 letter c AOA) is not compatible with a licence as an audit company for regulatory audits in accordance with Article 2 letter a number 2 AOA: a. companies with the same management as the audit company for regulatory audits; b. individuals directly or indirectly holding at least 10 per cent of the capital or the votes in a company in accordance with letter a or who can considerably influence the company’s business activity in another way; c. the lead auditors.
Art. 11c — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). let. c — Inserted by No II 1 of the O of 30 Nov. 2018, in force since 1 Jan. 2019 (AS 2018 5229).
Art. 11d Expertise and practical experience in auditing banks, financial market infrastructure, finance groups and public takeover offers, securities traders, securities firms and central mortgage bond institutions
1 The lead auditor for regulatory audits is deemed to have the necessary expertise and practical experience for the licence for the auditing of banks, stock exchanges, securities brokers, securities firms and mortgage bond clearing houses (Art. 11a para. 1 let. a) if she or he can provide evidence of the following: a. eight years of professional experience providing auditing services (Art. 2 let. a AOA) acquired in Switzerland or in a comparable way abroad; b. 1500 auditing hours in the oversight area of this Article; c. 24 hours of continuing education and training in the oversight area of this Article no more than one year prior to submitting the licence application. 2 After licensing, the lead auditor for regulatory audits is deemed to have maintained the necessary expertise and practical experience for auditing under this Article if she or he provides evidence of the following: a. 400 auditing hours in the oversight area of this Article in the last six years respectively; b. 24 hou
Art. 11d — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Art. 11d — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan 2020 (AS 2019 4633). Para. 1 — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 2 let. a — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov
Art. 11dbis Expertise in and practical experience of the audit of persons in accordance with Article 1b BankA
1 The lead auditor is deemed to have the necessary expertise in and practical experience of licencing for audits of persons in accordance with Article 1b BankA if he or she provides evidence of the following: a. eight years professional experience in audit services (Art. 2 let. a AOA), obtained in Switzerland or in a comparable fashion abroad; b. 800 audit hours in the oversight area of this Article; c. 16 hours of continuing education and training in the oversight area of this Article within one year ahead of submitting the licence application. 2 After the licence has been granted, she or he is deemed to continue to possess the requisite expertise and practical experience to audit under this Article if she or he provides evidence of the following: a. 100 audit hours in the oversight area of this Article in each of the past six years; b. 16 hours of continuing education and training per year in the oversight area of this Article. 3 Lead auditors may count professional experience and au
Art. 11dbis — Inserted by No II 1 of the O of 30 Nov. 2018, in force since 1 Jan. 2019 (AS 2018 5229). Para. 1 — SR 952.0 Para. 2 let. a — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 3 — Amended by No I 2 of the O of 18 June 2021 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 400). Para. 4 — Amended by No I 2 of the O of 18 June 2021 on t
Art. 11e Expertise in and practical experience of the auditing of insurance companies
1 The lead auditor for regulatory audits is deemed to have the necessary expertise and practical experience for the licence for the auditing of insurance companies (Art. 11a letter b) if she or he can provide evidence of the following: a. eight years of professional experience providing auditing services (Art. 2 let. a AOA) acquired in Switzerland or in a comparable way abroad; b. 400 auditing hours in the oversight area of this Article; c. 16 hours of continuing education and training in the oversight area of this Article no more than one year prior to submitting the licence application. 2 After licensing, the lead auditor for regulatory audits shall be deemed to continue to have the necessary expertise and practical experience for auditing under this Article if she or he provides evidence of the following: a. 100 auditing hours in the oversight area of this Article in the last six years; b. 16 hours of continuing education and training per year in the oversight area of this Article.
Art. 11e — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Para. 2 let. a — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
Art. 11f — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Art. 11f — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 1 — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 2 let. a — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 No
Art. 11g
Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014 (AS 2014 4295). Repealed by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 11h Continuing education and training
1 Continuing education and training courses in accordance with Articles 11d-11f, including courses using new information technologies and correspondence courses, must meet at least the following criteria: a. The continuing education and training include the audit fields for each oversight area defined by Article 3 of the Financial Market Auditing Ordinance of 5 November 2014 (FMAO-FINMA). b. External and internal continuing education and training events last at least one hour. c. At least three persons must participate in internal continuing education and training events. d. A learning assessment is carried out in the case of asynchronous virtual events. 2 The actual duration of the continuing education and training event shall be credited. Specialised lectures and specialised training shall be credited as double the lecture or class duration. 3 Self-study is not deemed to be continuing education and training.
Art. 11h — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295). Para. 1 — Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 1 let. a — SR 956.161 Para. 1 let. d — Inserted by Annex No 1 of the O of 22 Nov. 2023, in force since 1 Jan. 2024 (AS 2023 750).
Art. 11i–11k
Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014 (AS 2014 4295). Repealed by Annex I No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 11l Independence in the audit under the financial market acts
The regulations on independence (Art. 11 AOA and Art. 728 CO) shall be applied to the audit under the financial market acts, taking account of the regulatory audit purpose.
Art. 11l — Inserted by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, in force since 1 Jan. 2015 (AS 2014 4295).
Section 3 Licensing for Audits under the Federal A
Inserted by Annex No 1 of the O of 22 Nov. 2023, in force since 1 Jan. 2024 (AS 2023 750).
Art. 11m Licensing
The Oversight Authority shall grant licences to audit firms and to lead auditors for the audits under Articles 68 and 68a OASIA provided they meet the requirements of Articles 11n–11p.
SR 831.10
Art. 11n Sufficient organisation
An audit firm is sufficiently organised for the audits under OASIA if it: a. it has at least two lead auditors who hold a licence under Article 11m; b. after three years at the latest from when the licence is granted, it has at least two audit mandates from OASI offices or branch offices in terms of Article 161 paragraphs 1 and 2 of the Ordinance of 31 October 1947 on Old-Age and Survivors’ Insurance; c. it complies with the provisions regarding documentation and safekeeping of documents in accordance with Article 730c CO regardless of its legal form.
SR 831.10 let. b — SR 831.101
Art. 11o Expertise and practical experience
1 The lead auditor is deemed to have the necessary expertise and practical experience for the licence for auditing OASI offices and branch office if he or she can provide evidence of the following: a. 250 auditing hours in principal audits within the six years prior to submitting the licence application; b. 200 auditing hours in financial statement audits within the six years prior to submitting the licence application; and c. 12 hours of continuing education and training in the field of activity of Article 68a paragraph 2 letters a, b and e OASIA within the three years prior to submitting the licence application. 2 After being granted the licence, the lead auditor shall be deemed to continue to have the required expertise and practical experience in auditing if he or she provides evidence of the following for the last three years: a. an average of 40 auditing hours in principal audits and 30 auditing hours in financial statement audits; and b. a total of 12 hours of continuing educati
Para. 1 let. c — SR 831.10
Art. 11p Continuing education and training
Article 11h paragraphs 1 letters b–d and 2 and 3 apply to continuing education and training relating to the tasks in accordance with Article 68a paragraph 2 letters a, b and e OASIA.
Art. 11q Withdrawal of the licence
1 If a licensed individual or a licensed audit firm no longer meets the licensing requirements in accordance with Articles 11n–11p, the Oversight Authority may withdraw the licence for a limited or unlimited period. 2 Provided the licensing requirements can be met again, advance warning shall be given of withdrawal. 3 The Oversight Authority issues a written reprimand if withdrawal of the licence would be disproportionate.
Art. 12
Repealed by Annex No 1 of the O of 22 Nov. 2023, with effect from 1 Jan. 2024 (AS 2023 750).
Art. 13
1 … 2 …
Para. 1 — Repealed by Annex No 1 of the Financial Market Auditing Ordinance of 5 Nov. 2014, with effect from 1 Jan. 2015 (AS 2014 4295). Para. 2 — Repealed by No 1 of the O of 1 July 2015, with effect since 1 Oct. 2015 (AS 2015 2439).
Art. 14 and 15
Repealed by Annex No 1 of the O of 22 Nov. 2023, with effect from 1 Jan. 2024 (AS 2023 750).