Legal basis for auditing
The financial market legislation governing the supervision of audit firms derives from a FINMA ordinance.
Financial Market Auditing Ordinance
This ordinance sets out how audit firms and auditors are to be licensed, how FINMA is to supervise audit firms, how FINMA and the Federal Audit Oversight Authority are to coordinate their activities and how supervised institutions are to be audited to comply with FINMASA.
FINMA Regulatory Auditing Ordinance
The FINMA Regulatory Auditing Ordinance sets out how audit firms must audit supervised institutions. It regulates the areas to be audited, the identification of risks, the frequency and depth of the audit, the requirements for the audit report and the audit principles.
