Annual Report 2016

Regulatory developments | FAOA 2016
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were accepted by the companies
surveyed and deemed reasonable
by experts. No need for legislative
measures was identified.
It should also be mentioned that,
according to the Federal Council
reports of 2006 and 2014 on the
freelance professionals, (fiduciaries
are freelance professionals), the fiduciary
industry has also seen above
average growth in recent years. This
is not least due to the fact that new
regulations often generate a need for
advice, which is then satisfied by the
fiduciary industry.
lastly, the new margin note 4 bis clarifies
that the so-called «conforming
amendments» of the ISA are also covered
by Circular No. 1/2008, even if
no complete new standard with new
effective date has come into force.
The Federal Council believes that
the fiduciary industry is basically well
on track. Nonetheless, easing the
administrative burden on companies
is a core element of its growth policy
and the corresponding initiatives
continue.
The postulant withdrew the postulate
on 14 September 2016, before
it could be discussed by the National
Council that same day.
Circular No. 1/2008
Circular No. 1/2008 stipulates the
standards to be complied with
in providing statutory audit services
to public interest entities (PIE).
In the sense of following international
professional law, the FAOA
decided on 28 November 2016 to
amend the Circular with effect from
15 December 2016.
The following points are noteworthy:
First, SAS 880 (review of public takeover
offers) was amended by EXPERTsuisse
in response to the new legal
regulations of FMIA. Secondly, ISA
701 (key audit matters) and related
amendments to other ISA were included.
Circular No. 1/2015 remains
in force, however, until SAS 701 can
be brought into force. Thirdly, at the
suggestion of the Audit Committee
of EXPERTsuisse, the opportunity was
taken to delete those SAS and ISA
from the Circular that do not involve
statutory audit services. Fourthly and