EXPERTsuisse - Swiss Expert Association for Audit, Tax and Fiduciary

The Federal Audit Oversight Authority (FAOA) is responsible for establishing and administering the quality assurance (QA) review system for statutory audits in Switzerland. The Swiss Expert Association for Audit, Tax and Fiduciary (EXPERTsuisse) has no direct responsibility for administering the jurisdiction-level QA review system but supports implementation through standard-setting, technical guidance, training, and ongoing dialogue with the FAOA.

EXPERTsuisse has issued ISQM-CH 1 and ISQM-CH 2, which transfer the International Standards on Quality Management to the Swiss framework. The FAOA Ordinance on the Oversight of Audit Firms recognizes Swiss Standard on Quality Management 1 and 2 for audit firms applying Swiss auditing standards. Audit firms under state oversight are required to design and implement a quality management system in accordance with ISQM-CH 1 and ISQM-CH 2 by December 15, 2025, while other audit firms have a transition period until December 15, 2026.

EXPERTsuisse supports members through professional standards, implementation materials, training, publications, and practical tools related to quality management and audit quality. It also maintains regular engagement with the FAOA on regulatory developments and their impact on audit firms. The FAOA has identified implementation of quality management standards as a current inspection focus, indicating continued regulatory attention to the transition from quality control to quality management.

As the transition to ISQM-CH 1 and ISQM-CH 2 is still being phased in across all audit firms, EXPERTsuisse is encouraged to continue supporting members, monitoring implementation challenges, and reporting progress on full operationalization of the quality management framework to further align with SMO 1 requirements.

Current Status: Review & Improve

Initial and continuing professional development requirements for statutory auditors in Switzerland are established under the Federal Act on the Licensing and Oversight of Auditors and related regulations. The Federal Audit Oversight Authority (FAOA) is responsible for licensing auditors and audit firms, while the Swiss Expert Association for Audit, Tax and Fiduciary (EXPERTsuisse) plays a significant role in professional education, examinations, and continuing professional development.

EXPERTsuisse offers professional education pathways for Swiss certified auditors, tax experts, and fiduciary experts, including the certified public accountant qualification. The certified auditor program is classified at National Qualifications Framework level 8, reflecting the advanced technical, analytical, ethical, and leadership competencies required for the qualification.

EXPERTsuisse reports that it maintains an ongoing process to review and align its curriculum and lecturer guidance with the International Education Standards. It also provides continuing professional development opportunities for members and supports competence development through technical training, certificate courses, and online learning.

EXPERTsuisse continues to demonstrate an ongoing process to maintain alignment with SMO 2 requirements, including support for initial professional development, continuing professional development, and professional competence for statutory auditors and other members.

Current Status: Sustain

The Federal Audit Oversight Authority (FAOA) is responsible for recognizing auditing standards applicable to public interest entity audits in Switzerland. The Swiss Expert Association for Audit, Tax and Fiduciary (EXPERTsuisse) issues Swiss Standards on Auditing, which are based on International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board and include Swiss-specific additions.

EXPERTsuisse maintains an ongoing process to update national auditing standards and align them with ISA. The 2022 Swiss Standards on Auditing are based on the October 2018 ISA and have been subsequently updated to incorporate ISA 220 (Revised), ISA 315 (Revised), and ISA 600 (Revised), with effective dates aligned with recent international revisions. The FAOA recognizes these standards, along with relevant International Auditing and Assurance Standards Board pronouncements, for application in the jurisdiction.

EXPERTsuisse supports implementation through professional development activities, technical guidance, publications, and practical tools for members. It also participates in the translation of ISA into German and French and contributes to international standard-setting through consultation responses and engagement with global standard setters.

EXPERTsuisse continues to demonstrate an active role in supporting the adoption and implementation of ISA. However, as Swiss Standards on Auditing are based on earlier versions of ISA and updates are incorporated with a time lag, EXPERTsuisse is encouraged to continue accelerating the alignment of national standards with the latest ISA issued by the International Auditing and Assurance Standards Board and to support timely implementation by members to further strengthen alignment with SMO 3 requirements.

Current Status: Review & Improve

Ethical requirements for statutory auditors in Switzerland are established under the Swiss Code of Obligations and the Federal Act on the Licensing and Oversight of Auditors. The legal framework focuses primarily on auditor independence, which the Federal Audit Oversight Authority (FAOA) identifies as a key prerequisite for audit activities and requires to be maintained in both fact and appearance.

The Swiss Expert Association for Audit, Tax and Fiduciary (EXPERTsuisse) establishes ethical requirements for its members through its Code of Ethics and Professional Conduct and Guidelines on Independence. EXPERTsuisse reports that its ethical requirements are based on the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants and incorporate revisions from the 2018 and 2020 versions of the Code. The latest French translation available through IFAC is the 2022 Handbook, while the current IESBA Handbook is the 2025 edition.

EXPERTsuisse supports implementation by issuing guidance, disseminating updates, providing seminars and professional development activities, and offering technical support to members on ethics and independence matters. Recent regulatory and international developments, including revisions to the Code related to fees, non-assurance services, sustainability reporting and assurance, and use of external experts, remain relevant for the Swiss framework.

EXPERTsuisse continues to support ethics-related implementation and maintains an active process to update its requirements. However, as the latest Code is not yet adopted in its entirety for all EXPERTsuisse members and the jurisdiction-level framework focuses primarily on auditor independence, EXPERTsuisse is encouraged to continue reducing the time lag in incorporating IESBA revisions, clarify the extent to which the full Code applies to members, and support implementation of recent and upcoming ethics and independence revisions to further align with SMO 4 requirements.

Current Status: Review & Improve

The Swiss Federal Finance Administration, under the Federal Department of Finance, is responsible for the federal accounting model in Switzerland. Federal financial reporting is prepared on an accrual basis and is based on International Public Sector Accounting Standards (IPSAS), with deviations permitted and disclosed under the Financial Budget Ordinance. The federal consolidated financial statements are prepared in accordance with IPSAS.

The Swiss Expert Association for Audit, Tax and Fiduciary (EXPERTsuisse) has no direct responsibility for adopting public sector accounting standards but supports implementation through its engagement with the Swiss Federal Finance Administration, technical support for practitioners involved in public sector audit and reporting, and activities aimed at promoting consistency in public sector auditing across cantons.

EXPERTsuisse continues to use its best endeavors to support the implementation of IPSAS-based public sector reporting in Switzerland, including through guidance, professional development, and dialogue with relevant public sector authorities.

Current Status: Sustain

The Federal Audit Oversight Authority (FAOA) is responsible for investigation and discipline (I&D) arrangements for statutory auditors and audit firms in Switzerland under the Federal Act on the Licensing and Oversight of Auditors. The FAOA’s enforcement policy sets out its approach to identifying, investigating, and sanctioning non-compliance, including measures related to licensing, oversight, and the proper performance of statutory audit services.

The Swiss Expert Association for Audit, Tax and Fiduciary (EXPERTsuisse) operates a separate I&D system for its members. Its Professional Ethics Committee examines violations of the Code of Professional Conduct and Rules of Professional Conduct by EXPERTsuisse members. The committee operates independently and its members are elected by the General Meeting.

EXPERTsuisse supports implementation by disseminating information on professional obligations, ethics, continuing professional development, and other requirements that may have disciplinary implications for members. It has previously assessed both the FAOA system and its own member disciplinary arrangements as meeting the SMO 6 benchmark.

EXPERTsuisse continues to demonstrate an ongoing process to maintain investigation and discipline arrangements for its members and to support the jurisdiction-level enforcement framework for statutory auditors.

Current Status: Sustain

The financial reporting framework in Switzerland is established under the Swiss Code of Obligations. International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board are accepted as a recognized accounting framework in Switzerland, alongside United States Generally Accepted Accounting Principles, Swiss Generally Accepted Accounting Principles (Swiss GAAP FER), and other recognized frameworks. The SIX Swiss Exchange requires listed issuers to prepare financial reporting in accordance with a recognized standard, including IFRS, US GAAP, Swiss GAAP FER, or the accounting standard for banks under Swiss banking legislation.

The Swiss Expert Association for Audit, Tax and Fiduciary (EXPERTsuisse) has no direct responsibility for adopting IFRS but supports implementation through monitoring International Accounting Standards Board developments, disseminating information to members, providing training and technical guidance, and engaging with relevant stakeholders, including the SIX Swiss Exchange and the Swiss GAAP FER Foundation.

EXPERTsuisse also supports members in responding to broader corporate reporting developments, including sustainability reporting and assurance-related developments relevant to the evolving scope of SMO 7. It continues to provide professional development, technical resources, and implementation support to help members apply applicable reporting requirements.

Current Status: Sustain