Ordinary statutory audit for economically significant companies
The ordinary statutory audit is the most comprehensive statutory audit of the financial statements. It provides a high level of assurance for the board of directors, owners and other stakeholders.
When is it mandatory?
Listed companies, companies required to prepare consolidated financial statements and companies that exceed two of the following thresholds in two consecutive financial years are subject to the ordinary statutory audit:
| BALANCE | Balance sheet total of CHF 20 million |
| REVENUE | Revenue of CHF 40 million |
| STAFF | 250 full-time positions on annual average |
Even without an obligation, a company can voluntarily submit to the ordinary statutory audit (opting up), for example at the request of owners or capital providers.
What does it cover?
- Audit of the financial statements for compliance with the law, the articles of association and the chosen accounting standard
- Audit of the existence of an internal control system (ICS)
- Audit of the proposal for the appropriation of the balance sheet profit
- Comprehensive report to the board of directors and summary report to the general meeting
Group audits
We audit consolidated financial statements under the Swiss Code of Obligations and Swiss GAAP FER, including international subsidiaries, and take on component-auditor roles in group reporting.
Requirements for the auditors
The ordinary statutory audit may only be performed by licensed audit experts. Strict independence rules apply, including the rotation of the lead auditor after at most seven years.
Frequently asked questions about the ordinary statutory audit
What does the ICS audit mean for us?
We audit whether a documented internal control system exists. The audit often produces valuable insights for developing your controls further.
Do we receive more than an audit opinion?
Yes. The comprehensive report to the board of directors contains findings on the accounting, the ICS and the conduct of the audit. We discuss it with you in person.
Can we move from the limited to the ordinary statutory audit?
Yes — whether due to growth beyond the thresholds or voluntarily via opting up. We accompany the transition and show you what changes.
Planning a change or growth in sight?
We accompany you into the ordinary statutory audit.