Ordinary audit

According to Art. 727 CO, a company is obliged to carry out an ordinary audit of its annual financial statements or consolidated financial statements if it is a public company, exceeds certain size criteria, has to prepare consolidated financial statements or if shareholders or the Articles of Association require this.

Public company

Companies are considered to be such companies, if

• the equity securities are listed on a stock exchange, have outstanding bonds or contribute at least 20 percent of the assets or turnover to the consolidated financial statements of a company,
• the equity securities are listed on a stock exchange or have outstanding bonds.

Size criteria

Companies that exceed two of the sizes listed below in two consecutive financial years:

• balance sheet total of CHF 20 million,
• turnover of CHF 40 million,
• 250 full-time positions on an annual average.

Consolidated financial statements

The preparation of consolidated financial statements is required by law if certain size criteria are exceeded.

Shareholders or Articles of Association

An ordinary audit must also be carried out if shareholders who together represent at least 10 percent of the share capital request it.

If the law does not require an ordinary audit of the annual financial statements, the Articles of Association may provide or the general meeting of shareholders may resolve that the annual financial statements be duly audited.