Hearing on revision of Financial Market Auditing Ordinance and Auditor Oversight Ordinance

Bern, 08.08.2014 - Today, the Federal Department of Finance (FDF), in consultation with the Federal Department of Justice and Police (FDJP), opened the hearing on the revision of the Financial Market Auditing Ordinance (FMAO-FINMA) and the Auditor Oversight Ordinance (AOO). The revision completes the bill approved by parliament in the 2014 summer session on bundling supervision of audit firms at the ordinance level. The hearing will run until 8 September 2014.

Financial service providers under the supervision of the Swiss Financial Market Supervisory Authority (FINMA) must mandate an audit company to conduct the audit in accordance with the Financial Market Supervision Act (FINMASA). The audit firm requires authorisation from the Federal Audit Oversight Authority (FAOA) and is subject to its supervision. After the bundling of audit firm supervision under the FAOA, the latter is solely responsible for the authorisation and supervision of audit firms in the areas of financial audits and regulatory audits. Audit content and principles for the regulatory audit will continue to be laid down by FINMA, whereas the FAOA is responsible for the recognition of standards for the financial audit.

Due to the numerous provisions on authorisation and supervision which have been removed from the current FMAO-FINMA and are now regulated in the AOO, the FMAO-FINMA is to be formally revised in full. Both should enter into force on 1 January 2015 together with the bill. The referendum deadline for the bill is 9 October 2014.

Address for enquiries

FMAO-FINMA:
Roland Meier, Media Spokesperson FDF
058 462 60 86, roland.meier@gs-efd.admin.ch

AOO:
Frank Schneider, Director FAOA
031 560 22 30, frank.schneider@rab-asr.ch