Audit firms could lose work under new Federal Council proposal

Switzerland's big audit firms are pushing back against plans to hand much of their work to the federal financial regulator

After the Credit Suisse collapse, the Federal Council wants FINMA to carry out far more on-site bank inspections itself, rather than relying on KPMG, Deloitte and others.

The reform would align Switzerland with international practice but threatens a lucrative business for private auditors, whose billable hours have already fallen around 40% since 2018.

The public consultation closes on 19 November.

 

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