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

¹ An audit firm shall be li­censed as an audit ex­pert or aud­it­or if:

a.

the ma­jor­ity of the mem­bers of its highest su­per­vis­ory or gov­ern­ing body and of its ex­ec­ut­ive body hold the rel­ev­ant li­cence;

b.

at least one fifth of the per­sons in­volved in provid­ing audit ser­vices hold the rel­ev­ant li­cence;

c.

it is en­sured that all lead aud­it­ors hold the rel­ev­ant li­cence;

d.

the man­age­ment struc­ture guar­an­tees that in­di­vidu­al en­gage­ments will be su­per­vised suf­fi­ciently.

² Pub­lic-sec­tor audit of­fices shall be li­censed as audit firms if they sat­is­fy the re­quire­ments in ac­cord­ance with para­graph 1. It shall not be pos­sible for them to be li­censed as audit firms un­der state over­sight.