We believe that a statutory audit should not only be seen as a legal obligation. We are committed to bringing added value to you by establishing a relationship of trust and sharing that allows us to focus on your concerns, needs and future development.
To this end, we focus our efforts not only on the financial information, but also understanding how the business operates, the risk it faces and how to work with you to complete an effective and high-quality audit.
We will talk to management about their observations and findings during the audit to help the business improve its compliance and performance. The audit results are finally presented in a report to the general meeting. For an ordinary audit, we also report the results of our audit in a detailed report to those charged with governance (Board of Directors, Managing Officers).
Statutory Ordinary audit
According to the Swiss Code of Obligations, listed or economically significant companies are subject to an ordinary audit, regardless of the legal form of the company. An entity is considered to be economically significant if it meets two of the following three criteria for two consecutive years: turnover of CHF 40 million, balance sheet total of CHF 20 million and more than 250 full-time employees.
Companies submitted to ordinary audit must also have an operational and documented Internal Control System.
Companies that are required to prepare group financial statements are also subject to ordinary audits.
Limited statutory examination
The limited statutory audit is in principle applied to companies that do not meet the criteria for an ordinary audit. A company can only renounce limited statutory examination only if all shareholders agree and if average full-time employment at the firm does not exceed 10 employees.
The limited statutory examination offers less assurance (negative assurance) than the ordinary audit because the scope and level of detail of the audit procedures is reduced.
Although voluntary audits are not required by law, they can benefit an organisation in numerous ways which include:
- Ensure the reliability of the financial statements to the various stakeholders (Banks, shareholders, management, governments, suppliers…)
- Contribute to obtaining better financing terms from banks and other lenders.
- Attract new investors
- Comply with external regulations
- Highlight the company's healthy financial position before a sale of the company.
- Ensure that resources are used efficiently
- Help to detect accounting errors
- Allow shareholders to have a view on the financial situation of the company.
- Help to identify weaknesses in the internal control system