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Auditing consolidated financial statement

If a legal person controls one or more companies, it is obligated to produce a consolidated annual financial statement (group financial statement). Excluded from this are companies which together with the controlled companies do not exceed two of the following thresholds in two consecutive financial years: CHF 20 million total assets, CHF 40 million sales and 250 full-time staff on average for the year. The consolidated annual financial statements are to be audited by a licensed audit expert.

PRÜFAG operates as both a group auditor and an auditor for individual group companies. In the case of the latter, we audit, for instance, the annual financial statements prepared according to IFRS (IFRS packages) of Swiss subsidiaries of international companies.

Good to know

If the consolidated financial statements do not have to be produced in line with a generally accepted accounting standard such as Swiss GAAP FER or IFRS (e.g. for listed companies) – that means that consolidation takes place according to the regulations of the Swiss Code of Obligations– consolidation at book values is still permitted. However, the admissibility of hidden reserves prevents a reliable judgement on the financial situation of the group. Companies are therefore discouraged from using this method.

Project Lead
Project Lead
  • Daniel Carotta

    Daniel Carotta

    +41 44 533 76 00

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