Gaapex is an audit expert licensed by the Federal Audit Oversight Authority to conduct audits. We also perform limited statutory examinations and other types of audit services provided for by law.
Limited statutory examinations
- Companies that do not exceed the following criteria are subject to limited statutory examinations: annual sales revenue of CHF 40 million, total assets CHF 20 million and an average annual headcount of 250 full-time employees.
- A company with an annual average headcount of up to 10 full-time employees may opt out of the limited statutory examination requirement with the consent of all shareholders.
Main legal requirements
- The auditor must be independent and must not be involved in the accounting processes (except under the specific conditions for a dual mandate).
- The auditor is nominated by the board of directors and elected by the company’s AGM.
- The aim of a limited statutory examination is to enable the auditor to form an opinion on the company’s annual financial statements and the proposal for the appropriation of profit.
- The financial statements submitted to the auditor must therefore comply with the requirements of the Swiss Code of Obligations. They must comprise a balance sheet, an income statement, notes and – where applicable – a proposal for the appropriation of profit.
- A limited statutory examination opinion is expressed in negative terms: the auditor confirms that no facts were identified that suggest that the annual financial statements and the appropriation of profit do not comply with the law and the articles in place.
Other types of audit services required by law
The Swiss Code of Obligations and some other laws require the engagement of an auditor or audit expert for specific transactions.
These are, in particular, the establishment of companies by way of contributions in kind, capital increases, capital reductions and activities subject to the Federal Act on Mergers, Demergers, Transformations and Transfers of Assets (MergA).
Establishment of a company by contributions in kind
When setting up a public limited company (corporation) or limited liability company by way of contributions in kind, the net assets contributed must be verified by a licensed auditor.
We are qualified to perform this type of work and we can issue the certificate required by the notary in order to enter the company in the commercial register.
Capital increases through contributions in kind
If a capital increase takes the form of contributions in kind, the net assets contributed must be verified by a licensed auditor.
As for the establishment of companies by means of contributions in kind, we have the expertise and approval required to perform the necessary audit tasks.
Mergers, demergers and transformations
You may need to engage a licensed audit expert for a merger, demerger or transformation project, especially if the companies involved in a merger exceed certain thresholds or shareholders request that this step be taken.
Do not hesitate to contact us to arrange a personal consultation.