Audit firms are appointed to supervise financial intermediaries directly subordinated to FINMA. They perform an annual comprehensive assessment of each DSFI
’s compliance with AMLA
requirements. On-site audits are a key monitoring tool.
Audits are based on the requirements in the Financial Market Auditing Ordinance and FINMA Circular 2013/3 “Auditing”. The audit scope is set out in the standard audit strategy. The extent of the audit to be applied each year depends on the frequency and the audit depth in each audit field. Based on the risk assessment, the audit firm can apply a more rigorous audit depth.
In specific circumstances, and in addition to regulatory auditors, FINMA may also appoint an audit mandatary
to clarify particular facts. Audit mandataries may be other authorised audit firms or independent third parties that have the necessary experience and specialist expertise.