Once Swiss companies attain a certain financial standing, they are subject to an ordinary audit, whatever their legal status.
Swiss law on accounting was comprehensively modernized in 2007 and is now based on the financial standing of a company and no longer on its legal status. Sole proprietorships and partnerships (including limited partnerships) are not obligated to call in an external auditor. Other companies, on the other hand, are subject to an ordinary audit once they exceed the following specified limits for two successive financial years (Article 727, CO):
- Total balance sheet: CHF 20 million
- Revenue: CHF 40 million
- Number of employees: 250
Public companies and companies that draw up accounts for the group are, in any event, subject to an ordinary audit.
Companies that do not meet these criteria should perform a more limited audit or a different type of audit. See point 19 of the table on the following page:
