Audits

Gallus Treuhand AG is an audit firm licensed by the Federal Audit Oversight Authority (licensed as an audit expert). As an independent auditor, we are your expert for limited and ordinary audits of your companies.

Trust is built on audited figures

An audit is far more than a legal obligation. It builds credibility with shareholders and LLC members, banks, investors and business partners, and strengthens the foundation of your company’s success.

We carry out an independent, objective and high-quality audit that serves as a reliable mark of quality.

Gallus Treuhand AG performs audits for clients in the Zurich region, Central Switzerland and Eastern Switzerland.

Ordinary audits

An ordinary audit is required by law for certain companies; all other companies may opt for one voluntarily.

An ordinary audit is required by law for your company if, under Art. 727 CO, it is one of the following:

• a publicly traded company
• a company that exceeds two of the following size thresholds in two consecutive financial years: a balance-sheet total of CHF 20 million, revenue of CHF 40 million, or 250 full-time positions on annual average
• a company that is required to prepare consolidated accounts

In addition, shareholders or LLC members together representing at least 10 per cent of the share capital may request an ordinary audit in any company.

Finally, a company’s articles of association may stipulate, or its general meeting may resolve, that the annual accounts be subject to an ordinary audit.

Features of the ordinary audit

• carried out by an independent, licensed audit expert
• audit in accordance with Art. 728 et seq. CO and the Swiss Auditing Standards (SA-CH)
• examination of whether the annual accounts (and, where applicable, the consolidated accounts) comply with the law, the articles of association and the chosen accounting framework
• examination of whether the proposed appropriation of the balance-sheet profit complies with the law and the articles of association
• a substantially more extensive audit than the limited audit; for example, it includes:
• review of operational processes
• inventory observations
• third-party confirmations
• audit procedures to detect criminal acts or other breaches of the law
• verification that an internal control system exists
• a recommendation as to whether the financial statements should be approved or rejected

Limited audits

A limited audit is mandatory in principle for all companies that are not required to undergo an ordinary audit. It is a simplified audit of the annual accounts geared towards SMEs.

Small companies may, however, waive a limited audit if the following conditions under Art. 727a para. 2 CO are met:

• no more than ten full-time positions on annual average
• the consent of all shareholders or LLC members
• the waiver applies only to future financial years and must be registered with the commercial register before the start of the financial year

Once the shareholders or LLC members have waived a limited audit, the waiver also applies to subsequent years. Even after a waiver, however, every shareholder or LLC member has the right to request a limited audit no later than ten days before the general meeting.

Features of the limited revision

• carried out by an independent, licensed audit expert or auditor
• audit in accordance with Art. 727 et seq. CO and the Swiss Standard on Limited Audits (SER)
• examination of the annual accounts and of the proposed appropriation of the balance-sheet profit, although the scope and depth of the audit procedures – and therefore the level of assurance – are considerably lower than in an ordinary audit; for example, it involves:
• no review of operational processes
• no inventory observations
• no third-party confirmations
• no audit procedures to detect fraud or other breaches of the law
• no verification that an internal control system exists
• the outcome is simply an assessment of whether the audit expert or auditor has come across any matters indicating that the annual accounts and/or the appropriation of the balance-sheet profit do not comply with the law and the articles of association.

Other audits required by law

In addition to the ordinary and limited audits, various other circumstances require an audit by a licensed audit expert or auditor. The further statutory audits we perform as a licensed audit expert include, for example:

• auditing the conditions for distributing assets on the dissolution of a company after three months (instead of the distribution otherwise permitted only after one year)
• audits in connection with restructurings
• auditing the formation report
• audits relating to capital increases and capital reductions
• audits relating to amendments to the articles of association concerning conditional capital
• audits relating to payments on the departure of LLC members
  

Advice on audit obligations

As noted above for ordinary audits, limited audits and the other statutory audits, different mandatory audit obligations apply to companies.

We would be glad to clarify which obligations apply in your specific situation.

Contact us for a no-obligation discussion.