Internationales Standardsetting in der Wirtschaftsprüfung

The major objective of this article is to analyse the standard-setting process with respect to ordinary audits of consolidated and statutory financial statements. The article further provides an in-depth understanding of the various players who impact this field of standard setting. First, the process of setting auditing standards is looked at from a national and international perspective. The process of setting independence standards is then analysed separately, considering both local and international requirements. Aspects of recent regulatory initiatives, such as the EU audit reform, are discussed from a Swiss perspective, specifically considering available statements from the Federal Audit Oversight Authority (FAOA). Finally, the article highlights the long-lasting battle between self-regulation of the auditing profession and state-regulated standard setting. The author concludes that a mixed model appears to be a sustainable way forward, especially for a smaller jurisdiction such…