Federal Act
on the Licensing and Oversight
of Auditors
(Auditor Oversight Act, AOA)

¹ The Over­sight Au­thor­ity shall sub­ject audit firms un­der state over­sight to a de­tailed in­spec­tion at least once every three years.³²

^1bis ...³³

^1ter In the event of sus­pec­ted vi­ol­a­tions of leg­al du­ties, the Over­sight Au­thor­ity shall con­duct a cor­res­pond­ing in­spec­tion in­de­pend­ent of the in­spec­tion cycle in ac­cord­ance with para­graph 1.³⁴

² It shall veri­fy:

a.

the ac­cur­acy of the de­tails con­tained in the li­cens­ing doc­u­ments;

b.³⁵

com­pli­ance with leg­al du­ties, audit and qual­ity con­trol stand­ards re­cog­nised by it, pro­fes­sion­al stand­ards, codes of eth­ics and, if ap­plic­able, list­ing rules;

c.

the qual­ity of the audit ser­vices provided by means of in­di­vidu­al con­trol samples;

d.

com­pli­ance with and im­ple­ment­a­tion of the in­struc­tions it has is­sued.

³ It shall is­sue a writ­ten re­port on the res­ults of the in­spec­tion for the at­ten­tion of the audit firm’s highest su­per­vis­ory or gov­ern­ing body.

⁴ If it iden­ti­fies in­fringe­ments of stat­utory du­ties, it shall is­sue a writ­ten rep­rim­and to the audit firm un­der state over­sight, provide in­struc­tions on how to rec­ti­fy the situ­ation and set the firm a max­im­um peri­od of twelve months in which to do this. It may ex­tend this peri­od ap­pro­pri­ately if there are com­pel­ling reas­ons for do­ing so.