In December, eleven representatives from Latvia, Poland and Slovenia visited the Federal Audit Oversight Authority FAOA in Bern. The FAOA has the responsibility of deciding on applications for the licensing of individuals and audit firms who offer audit services and of overseeing audit firms which audit public companies.
The exchange of experiences between Switzerland and the new EU Member States helps ensure both a competitive market in auditing and the high quality of auditing services. In concrete terms, public oversight of auditors is to be strengthened and a system of quality assurance inspections is to be developed.
