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

¹ Audit firms un­der state over­sight shall take all meas­ures ne­ces­sary to en­sure the qual­ity of their audit ser­vices.

² They shall en­sure that a suit­able or­gan­isa­tion­al struc­ture is in place and shall is­sue writ­ten in­struc­tions on the fol­low­ing in par­tic­u­lar:

a.²⁷

the ap­point­ment, ba­sic and con­tinu­ing edu­ca­tion and train­ing, as­sess­ment, sig­nat­ory powers and re­quired con­duct of em­ploy­ees;

b.

the ac­cept­ance of new and the con­tinu­ation of ex­ist­ing as­sign­ments for audit ser­vices;

c.

the on­go­ing con­trol of meas­ures to en­sure in­de­pend­ence and qual­ity.

³ With re­gard to in­di­vidu­al audit ser­vices, they shall guar­an­tee, in par­tic­u­lar, that:

a.

tasks are al­loc­ated ap­pro­pri­ately;

b.

work is su­per­vised;

c.

the ap­plic­able reg­u­la­tions and stand­ards on audit­ing and in­de­pend­ence are ob­served;

d.

the res­ults of audits are sub­ject to a qual­i­fied and in­de­pend­ent mon­it­or­ing.