Public Company Oversight Board (PCAOB) requirements. Companies preparing their financial statements in accordance with US GAAP must prepare their audits in accordance with the U.S. As of 2019, the 2016–2017 ISA has been translated into German and French and is being incorporated into national requirements.Īs reported by EXPERTsuisse, FAOA has issued specific rules for listed companies, which are required to prepare financial statements in accordance with IFRS, must prepare their audits with ISA, as issued by the IAASB.
EXPERTsuisse has developed national auditing standards that are converged ISA, with modifications (add-ons) for Swiss-specific issues. Under an FAOA’s Ordinance on the Oversight of Audit Firms of 2008, financial statements of PIEs prepared in accordance with the Swiss CO and Swiss GAAP FER must be audited in accordance with auditing standards issued by the Swiss Expert Association for Audit, Tax and Fiduciary (EXPERTsuisse). Under the Federal Act on the Licensing and Oversight of Auditors of 2005, the Federal Audit Oversight Authority ( FAOA) is responsible for setting auditing standards for PIEs.
Companies below the specified thresholds are subject to statutory limited examination (known as a moderate assurance engagement), for which a stand-alone Swiss review standard has been established. In addition to complying with the requirements of the Swiss CO, PIEs are subject to additional financial reporting requirements issued by the Swiss Financial Market Supervisory Authority, which are in line with the Swiss CO.Ī mandatory audit is required for all PIEs and companies that exceed two of the three following thresholds: (a) CHF 20 million of total assets (b) CHF 40 million of total revenue and/or (c) 250 employees. The Swiss GAAP FER Foundation, an independent private standard-setter, establishes Swiss GAAP FER. PIEs are required to prepare their group financial statements in accordance with IFRS or US GAAP if they are registered on a major stock exchange, and in accordance with Swiss GAAP FER if they are registered on the domestic market. The Swiss CO requires all companies-other than public interest entities (PIEs), which are defined as listed companies and financial institutions-to prepare financial statements in accordance with IFRS Standards, IFRS for Small- and Medium-sized Entities (SMEs), US GAAP, and Swiss GAAP FER.
#SWISS MANAGER WORKING FOR A SWISS FIRM IN THE UNITED STATES CODE#
The financial reporting framework in Switzerland is established under the Swiss Code of Obligations ( Swiss CO), as amended in 2017.
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