Accounts review

Accounts review, audits and financial statements in Switzerland

Amedia Fiduciary is a law and accountancy firm that specialises in the review of accounts, audits and financial statements in Switzerland.
We aim to assist our customers in identifying weaknesses and risks in their company through a comprehensive financial analysis and enhanced reporting.

In accordance with the Swiss Code of Obligations as well as US, GAAP and IFRS standards, Amedia Fiduciary will determine the best practices and strategies that will cultivate your business both nationally and internationally.

Legal compliance with audits and submission of accounts in Switzerland

Swiss SAs (Public Limited Companies) and SARLs (Private Limited Companies) must keep accounts and submit their financial statements in accordance with the Code of Obligations (Art. 957 onwards).
Swiss accounting law refers to threshold values in determining whether an ordinary audit or a limited audit of the accounts is necessary.

Ordinary audit

An ordinary audit applies to those SA (Public Limited Company) and SARL (Private Limited Company) that exceed the following thresholds for two successive financial years:

• Balance sheet total: CHF 20 million
• Turnover: CHF 40 million
• Number of employees: 250 or more full-time employees

The General Meeting of Shareholders may decide that an annual ordinary audit should take place.

This consists of the production of a detailed report of the audit’s results for the Board of Directors as well as an abridged report of the audit for the General Meeting of Shareholders.

Limited audit

A limited audit applies to SAs (Public Limited Companies) and SARLs (Private Limited Companies) that have not surpassed the above-mentioned thresholds but with:

• Number of employees: between 10 and 249 full-time employees

This type of audit is restricted to verifying the financial statements by means of analytical checks and additional verifications based on the circumstances of the business. Only a brief report is submitted to the General Meeting of Shareholders.

SAs (Public Limited Companies) and SARLs (Private Limited Companies) that do not fulfil any of the previous conditions can:

• Request an ordinary audit if the company is only subject to a limited audit and the minority shareholders represent 10% of the share capital. This is commonly

called “opting-up”.

• Renounce in part the audit if all shareholders of the company agree. This is commonly known as “opting-down”.
• Completely renounce the audit or any other review if all shareholders agree. This is commonly known as “opting-out”.
• Be obliged to carry out an audit of the company if creditors (banks in particular) insist on it. This is commonly known as “opting-in”.