The managers of collective assets, fund management companies, securities firms, financial groups and financial conglomerates must:
appoint an audit firm licensed by the FAOA under Article 9a paragraph 1 AOA1to carry out an annual audit under Article 24 FINMASA2;
have their annual accounts, and if applicable their consolidated accounts, audited by an audit company subject to state oversight in accordance with the ordinary auditing principles set out in the Swiss Code of Obligations3(CO).
FINMA may establish an audit frequency of several years for the audit in accordance with paragraph 1 letter a taking account of the activity of those supervised and the associated risks.
In the years without a periodic audit, financial institutions in accordance with paragraph 1 shall submit a report to FINMA on their business activity's compliance with the legislative provisions. This report may be delivered in a standardised format.
The fund management company shall appoint the same audit firm for itself and for the investment funds it manages.