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”).
Good to know
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).