Audit Companies
The Audit Companies / Rating Agencies group is responsible for the special statutory licensing of the audit companies and lead auditors (Art. 26 FINMASA) that carry out audits at all of the institutions supervised by FINMA. The licensing of audit companies and lead auditors is carried out as part of the modular licensing system in agreement with the Federal Audit Supervisory Authority. In particular, FINMA is responsible for checking that the technical requirements for auditing the supervised institutions are met. If an institution intends to change audit companies, this also requires the consent of FINMA, which will carry out the necessary investigations.
For the purposes of assuring quality in the two-tier supervisory system, and as part of its supervision of audit companies, the Audit Companies group performs quality control tests ("inspections") and, in individual cases, accompanies audit firms on their visits to the supervised institutions.
In addition, the group follows national and international developments in the field of auditing and the impact of these developments on the auditing of the supervised institutions.
Rating Agencies
Supervised institutions may have recourse to recognised rating agencies for determining capital adequacy requirements under Basel II. The Markets division is responsible for recognising rating agencies with regard to the determination of capital adequacy requirements under Basel II and pursuant to the Collective Investment Schemes Act. In addition, this group is responsible for following international developments in the regulation of rating agencies and the evolution of recognition criteria in Switzerland.
The Audit Companies / Rating Agencies group also represents FINMA on national and international bodies such as IOSCO SC 6.