Rs 956.161 Order Of November 5, 2014, On The Audits Of The Financial Markets (Oa-Finma)

Original Language Title: RS 956.161 Ordonnance du 5 novembre 2014 sur les audits des marchés financiers (OA-FINMA)

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956.161 order on the audits of the financial markets (OA-FINMA) of November 5, 2014 (State on January 1, 2015) the Swiss federal Council, view the art. 24, al. 4, and 55 of the Act of June 22, 2007 on the monitoring of financial markets (FINMASA), stop: Section 1 purpose art. 1 this order regulates the audit of taxpayers according to art. 24, al. 1, let. has, FINMASA, including the content and the conduct of the audit, the form of the establishment of the audit report as well as the obligations related to auditing taxpayers and audit firms.

Section 2 content of auditing art. 2 principle the audit is to verify if the provisions of law of surveillance are met and if the conditions are right for these provisions continue to be in the near future.
The audit can be conducted as well as part of a licensing procedure in the monitoring.

Art. 3 basic auditing the federal supervisory authority of financial markets (FINMA) sets for each area of monitoring areas of audit, the frequency of the checks and their scope.
In an audit conducted as part of ongoing monitoring, the control period coincides in principle with that of the review of the accounts according to the principles of ordinary control stopped in the code of obligations (CO).

RS 220 art. 4 audit additional if the risks inherent to a taxable person or its business model requires an audit of additional areas, FINMA determines these on a case by case basis.

Section 3 conduct of the audit art. 5 principles of audit the audit must be carried out with due diligence on the part of a serious listener and qualified.
The audit company is responsible for the audit. It establishes the audit certificate based on its own assessments.
As part of its control operations, it can rely on the facts established by the internal review of the taxable person, to controls by the internal review to respond, in terms of content, scope and quality, basic audit requirements and the applicable principles of audit.
The audit must be separated from the revision of the accounts according to the principles of ordinary control arrested in CO (revision of the accounts). The audit company can rely on the results of the revision of the accounts when it is relevant.
FINMA stop details of the principles applicable to the audit.

RS 220 art. 6 the management of audit audit management must be entrusted to a responsible, authorized auditor by virtue of art. 9A of the Act of 16 September 2005 on the supervision of the revision (LSR).
A delegation of management is excluded.

SR 221.302 art. 7 incompatibility with a mandate to audit are inconsistent with a mandate of audit activities carried out by the auditing companies with one subject to audit and that could interfere with the objective of the audit, including: a. activities of prudential advice; b. Council activities, audit and evaluation related to transactions which require authorisation or approval of FINMA; (c) the development and introduction of systems of support functions in the areas of compliance , of law, of the control and management of the risk or the investment control; d. collaboration and the Council in the recruitment, promotion or dismissal of people to present the guarantee of irreproachable activity or other persons performing functions key law of surveillance, particularly in the areas of finance, compliance control risk or internal revision; e. the responsible actuary activity; (f) the exercise of the internal review.

If an audit company is charged by a taxable person to perform the audit in the context of an authorisation procedure, it cannot lead to the same taxable person an audit under the oversight continues during the three years following the granting of the authorization.

Art. 8 term of office and compensation art. 730a, al. 2, CO applies by analogy to the duration of the mandate given to the lead auditor. At the end of a mandate to audit, the lead auditor cannot resume this same mandate after a break of three years.
Audit mandates cannot give rise to a lump sum. It is prohibited to agree on an investment in time.

RS 220 Section 4 report art. 9 audit report audit report must present the results of the audit of how comprehensive, explicit and objective. The lead auditor and another auditor authorized to sign this is confirmed by their signature.
The audit report must be written in an official language. Any exception requires the approval of FINMA.

Art. 10 structure of the audit the FINMA report determines the structure of the audit report and indicates the annexes to back.
The detailed report referred to in art. 728b, al. 1, CO must be handed over to the FINMA with the audit report. FINMA may require additional information.

RS 220 art. 11 irregularities and recommendations if the audit company finds a breach to the supervisory law or violation of statutes, regulations and directives that are important from the point of view of the right of supervision she reported it as an irregularity. In addition, it indicates if the infringement or the violation has already been corrected.
If the audit company reports to the weaknesses of signs suggesting that the surveillance law cannot be met in the near future, she makes a recommendation.

Art. 12 deadlines of the reporting deadlines are set by FINMA.

Section 5 Obligations of taxable persons and firms art. Obligations of taxable persons 13 the choice of an audit company or its replacement must be the subject of immediate communication to FINMA.
All taxpayers who are part of the same group or the same conglomerate should mandate the same audit or an audit company belonging to the same network company. FINMA may permit exceptions in justified cases.
Taxpayers submit time reports of their internal review to the audit firms.

Art. 14 obligations of the audit firms firms communicate once a year to FINMA mandates exercised by responsible Auditors dividing by taxable person.
They say once a year to FINMA fees and the fees charged to taxpayers in respect of the services in the area of review within the meaning of art. 2, let. a, LSR as well as foreign to audit benefits.
In case of change of audit firm, the former audit firm gives one that succeeded him access to its documentation of audit.
When several companies in revision at the same time provide a taxable person within the meaning of art. 3 FINMASA review and benefits referred to in art. 2, let. a, LSR, these companies to inform each other of the results of their benefits.

RS 221.302 Section 6 provisions final art. 15 repeal of another act the order of 15 October 2008 on the audits of the financial markets is repealed.

[RO 2008 5363, 2013 607 annex c. 2]

Art. 16 amendment of other acts the amendment of other acts is regulated in the Appendix.

Art. 17 entry into force this order comes into force on January 1, 2015.

Annex (art. 16) Modification of other of the acts listed below are modified as follows:...

Mod. can be found at the RO 2014 4295.

State on January 1, 2015