An independent professional who reviews and verifies a company's financial statements, giving an opinion that the accounts present a true picture.
Switzerland distinguishes two levels. An ordinary audit applies to companies that, in two successive financial years, exceed two of three thresholds: CHF 20 million total assets, CHF 40 million turnover, or 250 full-time employees on annual average. Everyone else falls under a limited audit, which is lighter in scope.
Companies with fewer than ten full-time employees on annual average may waive the audit entirely, with the agreement of all shareholders. This is known as opting out and is common among Swiss SMEs. Conversely, shareholders representing at least 10% of share capital can demand an ordinary audit, known as opting up.
Associations are subject to lower thresholds for an ordinary audit: CHF 10 million total assets, CHF 20 million turnover, or 50 full-time employees on annual average.
