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

¹ Audit firms shall be li­censed to provide audit ser­vices for com­pan­ies of pub­lic in­terest if they:

a.

sat­is­fy the re­quire­ments for li­cens­ing as an audit ex­pert;

b.

guar­an­tee com­pli­ance with stat­utory pro­vi­sions¹⁸;

c.

are suf­fi­ciently in­sured against li­ab­il­ity risks.

² The Over­sight Au­thor­ity may grant a li­cence to an audit firm on the basis of a for­eign li­cence if the re­quire­ments of this Act have been met.