Ordinance
on the Licensing and Oversight of Auditors
(Auditor Oversight Ordinance, AOO)

¹ The lead aud­it­or for reg­u­lat­ory audits has the ne­ces­sary ex­pert­ise and prac­tic­al ex­per­i­ence for the li­cence for the audit­ing of fund man­age­ment com­pan­ies, in­vest­ment funds, SICAV, lim­ited part­ner­ships for col­lect­ive in­vest­ment schemes, SI­CAF, De­pos­it­ory Banks, man­agers of col­lect­ive as­sets, as­set man­agers of col­lect­ive in­vest­ment schemes as well as rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes (Art. 11a para. 1 let. c) if she or he can provide evid­ence of the fol­low­ing:⁶⁶

a.

eight years of pro­fes­sion­al ex­per­i­ence provid­ing audit­ing ser­vices (Art. 2 let. a AOA) ac­quired in Switzer­land or in a com­par­able way abroad;

b.

800 audit­ing hours in the over­sight area of this Art­icle;

c.

16 hours of con­tinu­ing edu­ca­tion and train­ing in the over­sight area of this Art­icle no more than one year pri­or to sub­mit­ting the li­cence ap­plic­a­tion.

² After li­cens­ing, the lead aud­it­or for reg­u­lat­ory audits is deemed to con­tin­ue to have the ne­ces­sary ex­pert­ise and prac­tic­al ex­per­i­ence for audit­ing un­der this Art­icle if she or he provides evid­ence of the fol­low­ing:

a.⁶⁷

100 audit­ing hours in the over­sight area of this Art­icle in the last six years;

b.

16 hours of con­tinu­ing edu­ca­tion and train­ing per year in the over­sight area of this Art­icle.

³ Audit­ing hours with cus­todi­an banks shall be con­sidered audit­ing hours in the over­sight area of this Art­icle.