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Annual Report 2017

Annual Report 2017 - Federal Audit Oversight Authority FAOA

Contents | FAOA

Contents | FAOA 2017 3 Contents 4 Foreword 6 Key activities 2017 7 Regulatory developments 7 Current projects 10 Completed projects 11 Financial Audit 11 Introduction 11 2017 inspections 16 First experiences with Key Audit Matters (KAM) 19 Root cause analysis and measures 20 Preliminary fact-finding and proceedings 20 Audit quality indicators 22 Cooperation with stock exchanges 22 Cooperation with audit committees 22 Standard setting 23 Points of focus for 2018 inspections 23 Data Analytics 38 Enforcement and court rulings 38 Enforcement 38 Court rulings 40 Pension scheme audits 42 Appendices 42 Organisation of the FAOA 44 Index of abbreviations 46 Additional Swiss audit licences 47 State-regulated audit firms 48 Cooperation with foreign authorities 49 Court rulings 2017 50 Financial statements of the FAOA 51 Report of the statutory auditor 24 Regulatory Audit 24 Introduction 25 2017 inspections 27 Root cause analysis and measures 28 Monitoring of training and audit hours 29 Cooperation with FINMA 29 Points of focus for 2018 inspections 30 International 30 General 30 Extra-territorial scope of the AOA 31 Relations with the European Union 31 Cooperation with the USA 31 Relations with other states and organisations 31 Multilateral organisations 33 Licensing 33 Introduction 33 Statistics 35 Cancellation of special rules for the internal quality assurance system 37 Licence renewal 37 Special licences