Activity Report 2015

6 Activity Report 2015 | FAOA 2015
Key activities 2015
Oversight
Alongside performing the financial
audit inspections that have been
carried out since 2008, with an experienced
team of financial market
specialists the FAOA inspected regulatory
audits performed under financial
market laws for the first time. In
addition, a joint inspection with the
US PCAOB was performed at a large
audit firm.
Legal and international
A number of important court rulings
were delivered in the reporting year.
Of particular note is that the long
time practice of the FAOA with respect
to independence was upheld by
the courts. Despite contrary opinions
from individual industry representatives,
auditor independence requirements
are basically the same for the
ordinary and limited audit.
Licensing
Audit firms must renew their licences
every five years. After the wave
of licence renewal applications in the
previous two years, the reporting year
was characterised by a return to normality.
The processing of licence applications
in the financial market area
is noteworthy. Special licences grandted
during the year by FINMA were
re-assessed and converted into FAOA
licences where licensing conditions
were met.
Third party information
In the reporting year the FAOA received
35 (prior year 31) third party
notifications of possible violations of
law or professional law. Eligible and
credible notifications lead to FAOA
fact-finding. Independence beaches
and auditing without a proper licence
or type of licence were again reported.
Five proceedings have so far
been initiated as a result of reporting
year notifications. It should also be
highlighted that the Federal Administrative
Court explicitly confirmed the
authority of the FAOA to use (also anonymous)
third party notifications in a
recent ruling.