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

¹ If a li­censed aud­it­or or audit firm no longer sat­is­fies the li­cens­ing re­quire­ments un­der Art­icles 4−6 or 9a, the Over­sight Au­thor­ity may with­draw the li­cence for a lim­ited or un­lim­ited peri­od. If it is pos­sible for com­pli­ance with the li­cens­ing re­quire­ments to be re­stored, a warn­ing must be giv­en pri­or to such with­draw­al. The Over­sight Au­thor­ity is­sues a writ­ten rep­rim­and if the with­draw­al of the li­cence is dis­pro­por­tion­ate.³⁷

² If an audit firm un­der state over­sight no longer sat­is­fies the li­cens­ing re­quire­ments or com­mits re­peated or ser­i­ous in­fringe­ments of the stat­utory pro­vi­sions, the Over­sight Au­thor­ity may with­draw its li­cence for a lim­ited or un­lim­ited peri­od. A warn­ing must be giv­en pri­or to such with­draw­al, un­less the mat­ter in­volves a ser­i­ous in­fringe­ment of the law.

³ The Over­sight Au­thor­ity shall in­form the com­pan­ies con­cerned and the stock ex­change of the with­draw­al of the li­cence.

⁴ Dur­ing the lim­ited with­draw­al peri­od, the con­cerned in­di­vidu­al or audit firm re­mains sub­ject to the in­form­a­tion and no­ti­fic­a­tion duty in ac­cord­ance with Art­icle 15a.³⁸