In an ordinary audit, the auditor has to present a recommendation on the approval of the annual financial statement in his or her report to the general meeting – it differs from the limited audit in this respect.
Larger companies which exceed two of the following thresholds in two consecutive business years are obligated to undergo an ordinary audit:
CHF 20 million total assets, CHF 40 million sales and 250 full-time staff on average for the year. The approach is more comprehensive than in a limited audit and also includes the examination of the internal control system as well as the annual financial statements. As part of this, the auditor not only produces a report for the general meeting (audit report), he or she also informs the board of directors in the “comprehensive report” about the execution of the audit as well as its results and findings with regards to the accounting and internal control system.
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