This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Memorandum of understanding between the FRC and the FAOA of Switzerland regarding audit supervision

  • FRC Image
  • Auditing Image

07 Apr 2014

The Financial Reporting Council (FRC) and Federal Audit Oversight Authority (FAOA) of Switzerland have entered into a memorandum of understanding (MoU) in relation to the regulation and supervision of audit firms.

The MoU seeks to formalise the principles for cooperation and coordination between the two organisations in the areas of public oversight, registration, inspections and investigations of auditors of companies that are subject to the regulatory jurisdictions of both parties. 

The FRC comment that “given the global nature of capital markets, it is the common interest of both parties to cooperate in the oversight of auditors”.  Cross border regulation and oversight under the MoU will help to improve the quality, accuracy and reliability of the audit of public companies and will “avoid the undue burden of overlapping supervision”. 

The press release and MoU can be obtained from the FRC website.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.