FINMA publishes new ordinance and fully revised circular on auditing
The Swiss Financial Market Supervisory Authority FINMA has transferred
the existing Circular 2013/3 “Auditing” to a new Regulatory Auditing
Ordinance and carried out a complete revision of the circular. In
doing so it has fulfilled the requirement for the format compliance of
auditing regulation in accordance with Article 7 paragraph 1 of the
Financial Market Supervision Act FINMASA.
For formal reasons,
FINMA has transferred the majority of the rules on auditing that were
previously set out in Circular 2013/3 “Auditing” to the new Regulatory
Auditing Ordinance. The project was welcomed by the majority in the
consultation. A small part of the content remains in the fully revised
“Auditing” Circular.
At the same time, the previous annexes to
the circular, which mainly concern the risk analysis and standard
audit strategy of audit firms, will now become templates. This will
enable them to be adapted more flexibly and faster. FINMA will ensure
that those affected can comment on any amendments to these templates.
This revision does not address the potential for improvement
to the legal basis for regulatory auditing discussed in the context of
assessing the CS crisis.