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CH - Revision of the Audit circular in Switzerland

18/01/2018

On 30 November 2017, the Financial Market Supervisory Authority (FINMA) indicated that it had decided to revise its Audit circular, applicable to banks, securities dealers and asset managers.

 On 30 November 2017, the Financial Market Supervisory Authority (FINMA) indicated that it had decided to revise its Audit circular, applicable to banks, securities dealers and asset managers. The current system of prudential auditing of banks, securities dealers and asset managers provides for an annual audit of each establishment. In the future, for the smallest such establishments which present no increased risk, audit firms should only conduct a prudential audit every two or three years. Moreover, the regular audit will be less extensive for all establishments. Instead, in-depth audits are planned for sectors presenting increased risks or for specific domains which will vary from one year to the next. FINMA is thus banking on a substantial drop (of at least 30%) in costs invoiced by audit firms. This revision is subject to consultation, lasting until 31 January 2018, and should come into force on 1 January 2019.

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