R&M Data Center Handbook

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Depending on the complexity of the IT systems in operation, comprehensive testing in accordance with
the IDW Auditing Standard 330 (IDW PS 330) of the IT system or of selected units or subsystems of the
IT system may be required.
• SWISS GAAP FER (Switzerland)
Regulations
The Swiss GAAP FER focuses on the accounting system of small and medium-sized organizations and
companies operating on a national level. Also included are non-profit organizations, pension funds,
insurance companies and property and health insurers. These organizations are provided with an
effective framework for authoritative accounting to provide a true and fair view of the company's net
assets, financial position and earnings situation. Promoting communication with investors, banks and
other interested parties is also a GAAP FER objective. Moreover, it increases comparability of annual
financial reports across time and between organizations.
• KonTraG (Germany)
The KonTraG (Control and Transparency in Business Act) came into effect in 1998. It is not a law by
itself but a so-called amending act (Artikelgesetz) meaning that amendments and changes must be
incorporated by other economic laws such as the Stock Corporation Act, the Commercial Code or the
Limited Liability Companies Act (GmbHG).
The KonTraG is aimed at establishing business control and transparency in stock corporations and
limited liability companies. This is achieved by setting up a monitoring system for the early identification
of developments that threaten their existence and by requiring management to implement a corporate
risk management policy. The act stipulates personal liability of members of the board of management,
the board of directors and the managing director in the event of any infringement.
• Accounting and Auditing Act (RRG, Switzerland)
The comprehensive revision of Switzerland's audit legislation in 2008 made risk assessment compulsory.
It is now subject to review by the auditing body. Overall responsibility and responsibility for monitoring lies
with the highest decision-making and governing body of the company, e.g. the board of directors in a
stock corporation. Responsibility for introduction and implementation lies with the board of managers.
The revision of the auditing obligations is applicable to all corporate forms, i.e. stock corporations and
companies in the form of limited partnerships, limited liability companies, collectives, and also
foundations and associations. Publicly held companies and companies of economic significance in this
respect need to subject their annual financial statements to proper auditing.
• SOX (US)
The Sarbanes-Oxley Act of 2002 (also called SOX, SarbOx or SOA) is a United States federal law
enacted on July 30, 2002. The bill was enacted as a reaction to a number of major corporate and
accounting scandals including those concerning Enron or WorldCom. Its objective is to improve the
reliability of accurate financial reporting by those companies which dominate the nation's securities
market.
The bill defines responsibilities of management and external and internal auditors. The companies have
to prove that they have a functional internal auditing system. The boards are responsible for the accuracy
and validity of corporate financial reports.
The bill's provisions apply to all companies worldwide that are listed on an American stock exchange,
and, in certain cases, their subsidiaries as well.
• EURO-SOX
The 8th EU Directive, also known as EURO-SOX, came into effect in 2006. It is aimed at establishing an
internationally recognized regulation for the auditing of financial statements in the European Union (EU).
It closely resembles its American equivalent, the SOX act.
But unlike SOX, EURO-SOX applies to all capital companies, not only to market-listed companies. Small
and medium-sized companies are required to address issues such as risk management, IT security and
security audits.
In Germany, the EU directive was incorporated into the Accounting Law Modernization Act (BilMoG),
turning it into an applicable national law, mandatory as of financial year 2010-1.
Page 32 of 156 © 08/2011 Reichle & De-Massari AG R&M Data Center Handbook V2.0