Accounting
The Accounting group is responsible for the integrated handling of all accounting issues on behalf of FINMA. It advises and supports the other divisions on accounting issues relating both to the regulations issued by FINMA and the national and international accounting standards applied by the supervised institutions. In addition to its in-house advisory function the Accounting group is also the point of contact for external accounting-related enquiries (from supervised institutions, representatives of other interested parties and associations). The Accounting group is additionally responsible for preparing and running in-house training at FINMA on national and international accounting.
The group is also responsible for the ongoing development of FINMA's own accounting standards, taking into account both international developments and national requirements. As a member of international working groups, such as the Accounting Task Force of the Basel Committee on Banking Supervision and the Accounting Subcommittee of the IAIS, the Accounting group works with other authorities to shape the development of international accounting rules, in particular International Financial Reporting Standards (IFRS).
Finally, the Accounting group represents FINMA in national and international committees, working groups and projects, thereby ensuring that Switzerland follows and where necessary implements national and international accounting developments.
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.