Audit (Revision)
The statutory examination of the annual accounts by an independent body. There is the limited and the ordinary audit; small companies can, under certain conditions, waive it (Opting-out). Whether your business is subject to an audit depends on its size and legal form.
Revision (audit) is the statutory examination of a company's annual accounts by an independent audit body. Swiss law distinguishes between a limited audit (Review) and a more thorough ordinary audit, with the requirement depending on the company's size and legal form. Small companies that do not exceed certain thresholds and have no more than ten full-time staff can waive the audit altogether with the consent of all shareholders — known as opting out.
Example: A growing AG exceeds two of the three size thresholds (balance-sheet total, turnover, headcount) for two consecutive years, so it moves from a limited audit to an ordinary audit and appoints a licensed audit firm to examine its financial statements in detail.
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Does my Swiss company need an audit?
It depends on size and legal form. Many SMEs need only a limited audit, larger companies need an ordinary audit, and very small companies (up to 10 full-time employees) can opt out entirely if all shareholders agree.
What is the difference between a limited and an ordinary audit?
A limited audit (Review) involves enquiries and analytical checks and gives moderate assurance. An ordinary audit is far more comprehensive, examines internal controls, and is required for larger or publicly relevant companies.