General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
November 30, 2017

FINMA is consulting on revisions to the Circular 2013/03 on Auditing to ensure that auditing firms, who act on behalf of FINMA, operate in a more targeted manner in the future. With this revision, FINMA is orienting the regulatory auditing of banks, securities dealers, and asset managers more toward risks. The consultation ends on January 31, 2018 and the revised circular is due to enter into force on January 01, 2019.

FINMA is reshaping the way in which regulatory auditing is conducted by audit firms to take greater account of risks. Audits will be adapted to the risk situation of supervised institutions, in addition to identifying any challenges that these institutions could face in the future. The aim of these changes will be to heighten the efficiency of audit procedures.

The revisions also propose more focused auditing and less frequent audits for smaller institutions. Under the current system every supervised bank, securities dealer and asset manager is audited on a yearly basis. In future, it is planned that audit firms will only have to conduct regulatory audits on small supervised institutions (categories 4 and 5) not exhibiting high risks every two or three years, respectively. Additionally, for all institutions, the regular audit process will be revised to have a narrower focus, consisting of more in-depth auditing of high-risk areas or focusing on a rotating selection of topics year after year.

 

Related Link: Press Release

Comment Due Date: January 31, 2018

Effective Date: January 01, 2019

Keywords: Europe,Switzerland, Banking, Securities, Accounting, Regulatory Auditing, Circular 2013/03, FINMA

Related Insights
News

US Agencies Extend Consultation Period for the Proposed SA-CCR

US Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.

February 18, 2019 WebPage Regulatory News
News

FED Extends Consultation Period for Stress Testing Rule

FED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.

February 15, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for February 2019

EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.

February 15, 2019 WebPage Regulatory News
News

FSB Report Examines Financial Stability Implications of Fintech

FSB published a report that assesses fintech-related market developments and their potential implications for financial stability.

February 14, 2019 WebPage Regulatory News
News

US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECL

US Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.

February 14, 2019 WebPage Regulatory News
News

FED Issues Correction in Historical Dataset in its 2019 Stress Tests

FED identified an error in the historical dataset used in its 2019 stress tests and issued a correction.

February 13, 2019 WebPage Regulatory News
News

OCC Consults on Company-Run Stress Test Requirements for Banks

OCC proposed amendments to its company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

February 12, 2019 WebPage Regulatory News
News

CFTC Extends Comment Periods for Trade Execution Requirement Proposals

CFTC announced that it is extending comment period for the proposed amendments related to the regulations on swap execution facilities (SEF) and trade execution requirement.

February 12, 2019 WebPage Regulatory News
News

BCBS Updates Instructions for Basel III Monitoring Exercise

BCBS updated instructions for Basel III monitoring for the collection of December 2018 data from the participating banks.

February 12, 2019 WebPage Regulatory News
News

OCC Proposes to Renew Information Collection Under Stress Test Rule

OCC is proposing to renew its information collection titled “Annual Stress Test Rule” (OMB Control No: 1557-0311). Comments must be received on or before March 13, 2019.

February 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2603