Action Plan Developed by EXPERTsuisse BACKGROUND NOTE ON ACTION PLANS
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1 BACKGROUND NOTE ON ACTION PLANS SMO Action Plans are developed by IFAC Members and Associates and address policy matters as identified through self-assessments against the requirements of the Statements of Membership Obligations (SMOs). They form part of a continuous process under the IFAC Member Compliance Program to support ongoing development and improvement of the accountancy profession. SMO Action Plans are drafted by IFAC Members and Associates for their own use. They reflect national frameworks, priorities, processes and challenges specific to each jurisdiction and will be subject to periodic updates. SMO Action Plans will vary in objectives, content and level of detail due to different national environments and stages of development. Use of Information Please refer to the Disclaimer published on the Compliance Program website. ACTION PLAN IFAC Member/Associate: - Swiss Expert Association for Audit, Tax and Fiduciary Approved by Governing Body: Original Publish : April 2010 Last Updated: August 2015 Next Update: August 2017 Status as of of Publication Page 1 of 11
2 GLOSSARY CPD FAOA IAESB IESBAs IFRS IPSASs ISA ISQC PCAOB QA SMPs Swiss GAAP FER US GAAP US GAASs IPSASs SMEs SMO Continuing Professional Development Federal Audit Oversight Authority International Accounting Education Standards Board International Ethics Standards Board for Accountants International Financial Reporting Standards International Public Sector Accounting Standards International Standard on Auditing International Standard on Quality Control Public Company Accounting Oversight Board Quality Assurance Small- and Medium-Practices Fachempfehlungen der Rechnungslegung, Generally Accepted Accounting Principles in Switzerland US Generally Accepted Accounting Principles US Generally Accepted Auditing Standards International Public Sector Accounting Standards Small and Medium Enterprises Statement of Membership Obligation Status as of of Publication Page 2 of 11
3 SMO 1 Quality Assurance Continue to ensure an effective quality review program is in place for all members offering accounting services to the public and in particular offering assurance services. Quality assurance (QA) is one of the top priorities of. is in contact with the Swiss Federal Audit Oversight Authority (FAOA) in order to ensure that assurance engagements carried out adhere to all applicable standards. In Switzerland there is a distinction between statutory full scope audits ("ordentliche Revision") and statutory limited examinations ("eingeschränkte Revision"). Full scope audits are carried out in accordance with Swiss audit standards. For statutory full scope audits QS 1 (the national pendant to ISQC 1) was published as part of the Swiss Auditing Standards 2013, applicable from 15 December For statutory limited examinations QS 1 will be applicable from 1st September In case of listed entities with International Financial Reporting Standards (IFRS) or US Generally Accepted Accounting Principles (US GAAP) reporting the audit report directly refers to International Standards on Auditing (ISAs) / International Standards on Quality Control (ISQC) 1 or US Generally Accepted Auditing Standards (US GAAS) and the standards of the Public Company Accounting Oversight Board (PCAOB). In case of small and medium-sized entities (approx. 99% of Swiss companies) the statutory limited examination (moderate assurance engagement) does apply, for which a stand-alone Swiss review standard has been established. is engaged in continuously offering guidance and helpful resources for quality control for Small- and Medium-Practices (SMP) in that area. Apart from the standard QS 1, has issued an electronic Guide to Quality Control in SMPs, which aims at assisting practitioners in implementing QS 1. # Start Actions Establishing Separate and Stand-Alone Quality Control Standard and Quality Control Guidance for Licensed Auditors, who only Perform Limited Statutory Examinations (in contrast to full scope audits) in Accordance with Art. 729a Code of Obligations. Preparing Guidance for Implementing Quality Control Requirements in the SMP Environment 1. Since 2008 Provide training courses in quality control. Training Institute of EXPERT suisse / SMP Working SMP Competence Centre Status as of of Publication Page 3 of 11
4 # Start Actions 2. Cooperate with the Swiss Audit Oversight Authority to improve the inspection system (firm and file reviews undertaken by the Swiss Audit Oversight Authority) required by Swiss Law. Various Working Parties / General Management of Designing a Peer Review System for Single Practitioners in Cooperation with the Audit Oversight Authority Maintain and improve mandatory quality assurance review program for audit firms performing audits of listed companies; continuous involvement of with the Swiss Audit Oversight Authority. FAOA, EXPERT suisse's Public Oversight Working 's Public Oversight Working (Kommission für Aufsichtsfragen) Continuous dialogue with the Swiss Audit Oversight Authority in order to discuss and monitor latest regulatory and legal developments and their potential impact on the audit profession. Council and President of, apart Audit Working Regular Meetings with FAOA 5. June 2015 Design a Peer Review system (as required by Swiss law) to be implemented by Sept SMP Competence Centre Maintaining Processes 6. Continue to support ongoing implementation of QA System. EXPERT suisse's Public Oversight Working Status as of of Publication Page 4 of 11
5 SMO 2 International Education Standards for Professional Accountants and Other Pronouncements Issued by the IAESB Convergence with international pronouncements In general, candidates to membership are required to complete a program of professional accountancy education delivered by the Institute, and pass three years of practical experience and a final assessment. In addition, all members have to follow 120 hours of Continuing Professional Development (CPD) over a two-year rolling period. Compliance with CPD requirements is monitored. # Start Actions Continuing to Using Best Endeavors to Ensure Compliance with International Requirements 7. Ensure that national education and training requirements are in accordance with international developments. Training Institute of 8. Review current requirements for auditor's education against new developments and monitor the education and examination process. Training Institute of ; Examination Board ; Examination Board 9. Beginning of 2012 Establish an online CPD monitoring. From 2013 onwards members are obliged to feed data on their training activity into their personal electronic account. As currently, will monitor members' training activity and will sample-check evidence for trainings reported. Completed in 2013 / General Management of Online account, in which Member has to feed into his or her actual training activity 10. CPD Directive last update: 2 nd December 2013 Status as of of Publication Page 5 of 11
6 SMO 3 International Standards and other Pronouncements Issued by the IAASB Convergence with IAASB pronouncements sets the auditing standards for listed entities and non-listed entities. The pronouncements of the International Auditing and Assurance Standards Board) are adopted in an ongoing manner as national standards, with modifications. participates in the translation of ISAs in German along with the Institut der Wirtschaftsprüfer (IDW) of Germany and with the Austrian Institut Österreichischer Wirtschaftsprüfer (IWP). # Start Actions Setting National Audit Standards and Guidance in Areas Without Adequate IAASB Pronouncements 11. Incorporate all revised and redrafted ISAs into national audit standards. / Steering Committee ISA / Training Institute of Implementation of new auditor's reporting in line with ISA 701. End of 2016 / Council of 13. Observe developments in international standards on auditing and related pronouncements and initiate action, if and when necessary. / Banking and Insurance Working 14. Prepare "Q&A" (Questions and answers) papers in areas, where there are interpretation issues and open questions (mainly in relation to the new audit regime). Audit \Working Q&As, issued on the website of Prepare an audit standard for software certification services. Completed in 2013 IT Working Swiss Audit Standard 870 Status as of of Publication Page 6 of 11
7 # Start Actions 16. Swiss Handbook on Auditing (Schweizer Handbuch der Wirtschaftsprüfung) - Monitor further developments in audit and accounting and prepare and publish updated handbook / separate volumes. ; Volume "Full Scope Audit" to be published end of 2015 All Working Parties of Translate the International Framework for Assurance Engagements into French and German ("Framework of Assurance Engagements of the TK", published as part of Swiss Auditing Standards, Volume 2013). Completed at the Beginning of Adapt Swiss Auditing Standard 950 to the revised ISAE 3000.Publish standard as national pendant to ISAE 3000 (PS 950) Swiss Audit Standard Incorporate revised ISA 315 and ISA 610 into national audit standards. End of 2016 Status as of of Publication Page 7 of 11
8 SMO 4 IESBA Code of Ethics for Professional Accountants Ensure compliance with the IESBA Code of Ethics adopts ethical requirements for its members. The requirements are based on the IESBA Code of Ethics. Swiss law and national regulation include specific ethical requirements for professional accountants in Switzerland. As such, has a joint responsibility in this area. # Start Actions Updating s Independence Directive Update 's independence directive (Richtlinien zur Unabhängigkeit) in accordance with latest national regulatory developments Dedicated Working 21. Maintain a hotline for members for questions regarding independence and related matters. Assisting with the Implementation of the Standards 22. Continuous discussion of ethical standards with the FAOA; offering seminars in ethics and related topics. TK; Public Oversight Working TK; Status as of of Publication Page 8 of 11
9 SMO 5 International Public Sector Accounting Standards and Other Pronouncements Issued by the IPSASB Liaison with the Swiss public sector accounting standards board Public sector accounting in Switzerland is very advanced and mature. It is based on International Public Sector Accounting Standards (IPSAS). There is a public sector accounting standards board, which has the task to improve public sector accounting in Switzerland. Public sector accounting, as discussed in Switzerland, stretches far beyond preparing financial statements, but also includes public management issues (New Public Management). # Start Actions 23. Liaison with the Swiss public sector accounting standards board. Members, which have a seat in the Swiss Public Sector Accounting Standards Board Members, which have a seat in the Swiss Public Sector Accounting Standards Board Prepare guidance ("Prüfungshinweis") for practitioners being engaged in auditing public sector financial statements Public Sector Committee Status as of of Publication Page 9 of 11
10 SMO 6 Investigation and Discipline Enforcement of membership obligations and professional requirements FAOA has the responsibility for the investigation and discipline process. is having its own responsibility in this area, while membership with is voluntary. A Professional Ethics Committee (Standeskommission) is operating outside of 's structure and carries out investigations (i.e. whether members of have followed their duties imposed on them by 's membership obligations ("Standes- und Berufsregeln"). # Start Actions Enforcing Membership Obligations 25. Regular checks of individual and firm members, whether they are in compliance with the membership obligations of the Institute. Staff of the Institute / Mitgliedschaftskommission (Membership Committee) Staff of the Institute 26. Comprehensive assessment of the compliance of individual members with the continuing education requirements based on the online declaration (online CPD monitoring). Staff of the Institute Staff of the Institute 27. Investigate whenever there are indications for individual failure by members. Fact-finding commission of ; 's tribunal with members totally independent of the profession Staff of the Institute Status as of of Publication Page 10 of 11
11 SMO 7 International Financial Reporting Standards and Other Pronouncements issued by the IASB Liaison with national standard setting bodies and governmental agencies IFRS have a long history in Switzerland. Already in the 1980s Swiss Companies voluntarily used International Accounting Standards (IAS) for their group reportings. In the meantime (full) International Financial Reporting Standards (IFRS) or US GAAP became mandatory for listed entities in the main segment. Companies with a listing in the local segment are allowed to apply Fachempfehlungen der Rechnungslegung Generally Accepted Accounting Principles (Swiss GAAP FER) for their reporting. Swiss GAAP FER standards are true and fair view accounting standards prepared by an independent private standard-setter in Switzerland (Kommission für Fachempfehlungen der Rechnungslegung or FER Commission). In the 1980s, was involved in the establishment of a foundation as a legal basis for this standard-setter. # Start Actions Promoting IFRS in Switzerland 28. Meetings with the SIX Swiss Exchange, which requires IFRS / US-GAAP for a listing in the main segment. Accounting Working Regular Meetings 29. Support the FER commission in their effort to improve Swiss GAAP FER (true and fair view accounting standards) and to increase their acceptance in the Swiss accounting community. General Management of 30. Organize regular seminars in IFRS and related areas (audit of IFRS accounts, consolidation, etc.) via the academy. 31. Observe developments in IFRS and other accounting frameworks and participate in interpretation discussions; issue articles in the monthly periodical, if and when necessary to establish a common understanding of IFRS and / or other accounting standards. Accounting Working, other Working Parties Monthly Periodical "EXPERT FOCUS" 32. Incorporate new developments and changes in the Swiss Handbook on Auditing (Schweizer Handbuch der Wirtschaftsprüfung). All Working Parties of Staff of the Institute Status as of of Publication Page 11 of 11
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