In the case of limited audits, the legislative authority waives the requirement for the auditor to provide a recommendation in his or her report for the general meeting to approve the annual financial statements. However, if such a recommendation is requested by at least 10% of the shareholders, an ordinary audit can be demanded (“opting-up”). The resolution of the general meeting is sufficient for the one-off execution of a voluntary ordinary audit. However, in contrast, a general opting-up requires a change to the articles of association (see “Botschaft Revision”, 23.6.2004, p. 4003).
Limited audits
The limited audit is the most common type of audit carried out in Switzerland. It is unique to Switzerland and the closest audit form to the internationally-known “Review”. A limited audit is less wide-ranging and is primarily based on interviews, in addition to appropriate in-depth examinations (e.g. check of documents which proof a balance). As a result, this audit is more efficient and cheaper than the significantly more comprehensive ordinary audit (link setzen zu Ordentlicher Revision).
The limited audit is intended for small and medium-sized companies. You can find out the statutory criteria for an ordinary audit below. Micro-businesses with less than ten full-time employees can forgo an audit all together (“opting-out”).
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Project Lead
Daniel Carotta
+41 44 533 76 00
PRÜFAG Wirtschaftsprüfung AG - Badenerstrasse 144 - 8004 Zürich - Phone +41 44 533 76 00 - info@pruefag.ch
PRÜFAG Lohnbuchkontrollen AG - Badenerstrasse 144 - 8004 Zürich - Phone +41 44 533 76 00 - info@pruefag.ch
IAPA is a global association of independent accountancy and business advisory firms that aims to support its members in providing their clients with a diverse range of professional, comprehensive and cost-effective business solutions, regardless of sector or location, to realise their international objectives. IAPA has over 200 member firms in some 70 countries and ranks amongst the top 25 global accounting organisations whose membership annual turnover is over 1 billion US$.
