Legal entities and fiduciary companies that exercise a commercial activity, or whose purpose pursuant to their articles of association permits the exercise of an activity of this nature, are required to appoint an auditor. EU-harmonised company forms such as companies limited by shares, partnerships limited by shares and companies with limited liability must in every case appoint an auditor, even if their purpose is not to engage in trade of a commercial nature. The same applies to companies that have publicly issued bonds or whose shares are listed on a stock market.
If a company exceeds the following criteria in two out of three cases in two consecutive financial years, it must subject its annual financial statements to an audit:
- CHF 7.4 million total assets
- CHF 14.8 million net sales proceeds
- 50 full-time positions on an annual average
In Liechtenstein, the criteria that make it necessary to conduct an audit do not apply to most SMEs. Instead, these may subject themselves to an audit inspection – a so-called review. This audit type differs from regular audits of financial statements to the extent that the scope and depth of the audits are significantly less extensive.
Statutory basis (German only)