Article, 27.12.2012

Independent, high-quality audits discourage the falsification of corporate accounts and thus also help prevent balance sheet fraud and the economic instability that accompanies it. Switzerland therefore provides funding for a regional programme coordinated by the World Bank's Centre for Financial Reporting Reform to introduce more transparent accounting and auditing standards in several of the new EU member states. In the framework of this programme, a two day study visit to Switzerland took place in December 2012.

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.