Federal Act
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Art. 27 Cross-border oversight activities
1 In order to enforce this Act, the Oversight Authority may ask foreign audit oversight authorities to perform oversight activities abroad. It may perform oversight activities abroad itself on the basis of authorisation conferred by a treaty or with the foreign audit oversight authority’s prior consent. 2 At the request of foreign audit oversight authorities, the Oversight Authority may perform oversight activities in Switzerland on behalf of these authorities, if the requesting state grants reciprocity. Article 26 paragraphs 2 and 3 apply by analogy.51 3 On the basis of authorisation conferred by a treaty or with the Oversight Authority’s prior consent, foreign audit oversight authorities may perform oversight activities in Switzerland themselves, if the requesting state grants reciprocity. Article 26 paragraphs 2 and 3 apply by analogy. 4 The Oversight Authority may accompany foreign audit oversight authorities during their oversight activities in Switzerland. The person or company concerned may request that it does so. 4bis For oversight activities on behalf of foreign audit oversight authorities (paragraph 2) and accompanying foreign audit oversight authorities in their oversight activities in Switzerland (paragraph 4), the Oversight Authority has the same powers over the audit firms and audited companies concerned as they have over audit firms under state oversight and the companies audited by them.52 5 Within the context of paragraph 2 and 3, the Federal Council shall be authorised to regulate the cooperation with foreign audit oversight authorities in treaties. 51 Amended by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073, BBl 2013 6857). 52 Inserted by No I of the FA of 20 June 2014 (Bundling of Audit Oversight), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857). |