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Auditing

As part of FINMA's supervision, registered audit firms are used for auditing banks, insurance companies, securities dealers, fund management companies, investment companies with variable or fixed capital, limited partnerships for collective investments, asset managers of collective investment schemes, investment funds and directly subordinated financial intermediaries (DSFIs).

Audit firms and lead auditors require both a basic license from the Federal Audit Oversight Authority (FAOA) and a special statutory license as prescribed in Art. 9a Auditor Oversight Act AOA in order to conduct their activities. Existing statutory licenses based on FINMASA remain valid for a transitional period until the end of 2015.

The duties and activities of audit firms are duly monitored and reviewed by the FAOA from beginning 2015 on. FINMA uses the empowerment received from the Federal Council (Financial Market Audit Ordinance FINMA-PV) to regulate the content and the execution of the audits as well as the form of the reporting (FINMA Circular 2013/3).