Auditor Oversight Ordinance (AOO)
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.
Art. 46 Repeal and amendment of current legislation
The repeal and amendment of current legislation are regulated in the Annex.
Art. 47 Provisional licence
1 Any person who submits a licence application within four months following the commencement of the AOA and provides confirmation of payment of the fee in accordance with Article 38 shall receive a provisional licence to provide audit services. It shall be noted in the register of auditors that the licence in question is provisional. 2 If the licensing requirements have clearly not been satisfied, the application shall be rejected. 3 Individuals who are employed by or have an interest in an audit firm and the audit firm in question must coordinate the submission of their applications. 4 The applicant shall receive electronic confirmation of the provisional licence. The stock exchange shall receive electronic notification of all provisional licences issued to audit firms under state oversight. 5 The Oversight Authority shall set individuals and firms with a provisional licence an appropriate period within which they must submit the documents associated with the application. At the same
Art. 48 Demonstration of the necessary knowledge of Swiss law
1 Any person who, within four months following the commencement of the AOA, submits a licence application and holds a foreign qualification comparable to a Swiss qualification (Art. 4 para. 2 let. d AOA) shall receive a provisional licence to provide audit services if he or she completes a course to demonstrate that he or she has the necessary knowledge of Swiss law. The provisional licence shall be withdrawn if the course and examination have not been successfully completed by 31 August 2008. 2 If, over the three years preceding the submission of the application, individuals in accordance with paragraph 1 have predominantly been working for an audit firm that has its registered office in Switzerland and have primarily been providing audit services in accordance with Swiss law, they shall not be required either to complete a course or an examination to demonstrate that they have the necessary knowledge of Swiss law.
Art. 49 Quality control system
1 Audit firms performing ordinary audits must have an internal quality control system as of 15 December 2013 and supervise its appropriateness and effectiveness (Art. 9 para. 1). 2 Audit firms that conduct limited audits must have an internal quality control system as of 1 October 2017 and supervise its appropriateness and effectiveness (Art. 9 para. 1).
Art. 49 — Amended by No I of the O of 14 Nov. 2012, in force since 1 Dec. 2012 (AS 2012 6071). Para. 2 — Amended by No I of the O of 23 Aug. 2017, in force since 1 Oct. 2017 (AS 2017 4863).
Art. 50 Licensing of individuals in accordance with previous legislation
1 Individuals may be licensed as audit experts or auditors in application of Article 43 paragraph 6 AOA if they are able to demonstrate that: a. on 1 July 1992 they were qualified and had acquired the corresponding professional experience in accordance with Article 1 paragraph 1 of the Ordinance of 15 June 1992 on the Professional Requirements for Specially Qualified Auditors; b. since 1 July 1992 they have predominantly been working in the fields of accounting and auditing without substantial interruptions. 2 It shall not be necessary for them to demonstrate that they acquired their professional experience under oversight.
Para. 1 let. a — [AS 1992 1210]
Art. 51 Rotation obligation
The period of seven years for the rotation of the auditor in charge (Art. 730a para. 2 CO) shall commence when the amendment to the Code of Obligations of 16 December 2005 comes into force. The auditor in charge may audit a maximum of seven annual financial statements from the time this amendment comes into force.
AS 2007 4791
Art. 51a Transitional provisions to the amendment of 5 November 2014
1 Audit companies for regulatory audits that only audit financial intermediaries associated with a self-regulatory organisation in accordance with AMLA (Art. 11a para. 2) must meet the licensing requirements in accordance with Article 11b letter a within two years of this amendment coming into force. 2 Lead auditors for regulatory audits who have a FINMA licence or who work for a self-regulatory organisation in accordance with the AMLA on the day this amendment comes into force must meet the requirements regarding auditing hours in Articles 11d paragraph 2 letter a, 11e paragraph 2 letter a, 11f paragraph 2 letter a, 11g paragraph 2 letter a and 11j within two years of this amendment coming into force. 3 Licence applications filed by audit companies and lead auditors for regulatory audits which have not been decided upon by FINMA when this amendment comes into force shall be assessed by the Oversight Authority in accordance with the new law.
Art. 51a — 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 — SR 955.0
Art 51b Transitional provision to the amendment of 1 July 2015
Audit firms providing auditing services for companies in accordance with Article 8 paragraph 1 letter a AOA whose equity securities are listed on a Swiss stock exchange when the amendment of 1 July 2015 comes into force and for which the licensing duty is cancelled must register with the Oversight Authority within three months at the latest of the amendment of 1 July 2015 coming into force.
Art. 51b — Inserted by No 1 of the O of 1 July 2015, in force since 1 Oct. 2015 (AS 2015 2439).
Art. 51c Transitional provision to the amendment of 30 November 2018
In the first two years after this Ordinance comes into force, lead auditors who audit persons under Article 1b BankA may, in derogation from Article 11dbis paragraph 3, count their professional experience and audit hours in the oversight areas under Article 11a paragraph 1 letter a and c completely towards the requirements under Article 11dbis paragraphs 1 and 2.
Art. 51c — Inserted by No II 1 of the O of 30 Nov. 2018, in force since 1 Jan. 2019 (AS 2018 5229).
Art. 51d Transitional provisions to the amendment of 23 November 2022
1 Individuals with qualifications in accordance with Article 4 paragraph 2 letter b AOA must fulfil the requirements of Article 7 paragraph 2 within three years at the latest of the amendment of 23 November 2022 coming into force and individuals with qualifications in accordance with Article 4 paragraph 2 letter c AOA must fulfil the requirements within five years at the latest of the amendment of 23 November 2022 coming into force. 2 The requirements of Article 7 paragraphs 3 and 4 letter b must be fulfilled within one year at the latest of the amendment of 23 November 2022 coming into force.
Art. 51d — Inserted by No I of the O of 23 Nov. 2022, in force since 1 Jan. 2023 (AS 2022 768).
Art. 51e Transitional provisions to the Amendment of 22 November 2023
1 The licences for auditing under the OASIA granted by the Federal Social Insurance Office under the previous law remain valid. After two years, they shall be automatically terminated unless a new licence has been granted under the new law in accordance with the requirements of Articles 11n–11p. 2 Applications for licences from audit firms and from lead auditors that have not been decided on by Federal Social Insurance Office when this amendment comes into force shall be assessed by the Oversight Authority under the new law.
Art. 51e — Inserted by Annex No 1 of the O of 22 Nov. 2023, in force since 1 Jan. 2024 (AS 2023 750).
Art. 52 Commencement
1 This Ordinance shall come into force on 1 September 2007, subject to paragraphs 2–4. 2 Article 10 paragraph 1 shall come into force on 1 October 2015. Articles 13 paragraph 2 and 20 letter j of the version of 22 August 2007 shall not come into force. 3 Article 21 shall come into force on 1 September 2009. 4 Numbers II/7, II/8 and II/9 of the Annex come into force on 1 January 2008.
Para. 2 — AS 2007 3989 Para. 2 — Amended by No 1 of the O of 1 July 2015, in force since 1 Oct. 2015 (AS 2015 2439).