Audit, Revision, examination, audit tool: terms in Switzerland

Last updated: October 2026 · fastview ag, Suhr

Professionally responsible: Marco Zanetti and Reto Ackermann, fiduciaries and certified auditors, fastview ag

Anyone looking for software for the audit of financial statements comes across many words for the same thing: audit, “Revision”, examination, audit software, audit tool. This page explains the terms as they are used in Switzerland, with the articles of the Swiss Code of Obligations (CO), and distinguishes them from similar-sounding terms.

Terms from A to Z

Audit of financial statements · Audit · Audit software, Revisionssoftware, Prüfsoftware · Audit tool, Audittool, Prüftool · Limited statutory examination · ICS · Internal audit · ISO audit · ISQM-CH 1 · Journal entry testing · Leadsheet · Negative assurance · Opting-out · Ordinary audit · Audit file · Examination · Revision · Statutory auditor · SA-CH · SER · Special audit · Licensed auditor, licensed audit expert

Basic terms

Audit (international term for the audit of financial statements)

International term for an independent examination. In connection with the financial statements, “audit” means the audit with reasonable assurance; in Switzerland this corresponds to the ordinary Revision. The limited statutory examination is a Swiss type of audit with limited assurance; internationally it is most comparable to a review. In everyday usage, other examinations are also called audits, for instance an ISO audit of a management system.

Revision (statutory audit)

The term of the Swiss Code of Obligations for the audit of the financial statements by the statutory auditor. The law distinguishes the ordinary audit and the limited statutory examination (Art. 727 and 727a CO).

Audit of financial statements (annual audit)

Examination of the financial statements (and, where applicable, the consolidated accounts) with a report on the result. “Revision” is the statutory term in Switzerland; internationally, “audit” denotes the audit with reasonable assurance, as corresponds to the ordinary audit.

Examination

Generic term for any assessment of a matter against criteria. In auditing it means the examination of the financial statements; the law also provides for special audits, for instance in the case of a qualified incorporation or capital increase.

Statutory auditor and types of audit

Statutory auditor

The independent auditor of the financial statements elected by the general meeting (or general meeting of members). Depending on the type of audit, it must be licensed as an auditor or audit expert.

Ordinary audit

Mandatory for public companies, for companies that exceed two of the thresholds total assets CHF 20 million, revenue CHF 40 million and 250 full-time positions on annual average in two consecutive financial years, and for companies required to prepare consolidated accounts (Art. 727 CO). It must also be carried out if shareholders or members together holding at least 10 per cent of the capital demand it (Art. 727 para. 2 CO), or voluntarily if the articles of association or the general meeting so provide (opting-up, Art. 727 para. 3 CO). The audit is performed with reasonable assurance and includes whether an ICS exists (Art. 728a para. 1 no. 3 CO). More under Ordinary audit and ICS.

Limited statutory examination

Examination for companies not required to have an ordinary audit (Art. 727a CO). It is limited to inquiries, analytical procedures and appropriate tests of detail (Art. 729a CO) and ends with a negative assurance. More under Limited statutory examination.

Opting-out

Waiver of the limited statutory examination with the consent of all shareholders or members, if the company has no more than ten full-time positions on annual average (Art. 727a para. 2 CO).

Special audit

An audit the law requires for a specific transaction, for instance a qualified incorporation or capital increase (e.g. with contribution in kind), capital reduction, revaluation, interim dividend, interim financial statements in case of over-indebtedness, conversion or liquidation. Depending on the case, it is reserved to the statutory auditor or to a licensed auditor or audit expert.

Licensed auditor, licensed audit expert (auditor, audit expert)

Licences of the Federal Audit Oversight Authority (FAOA) under the Auditor Oversight Act. The statutory auditor must be licensed as an auditor (Art. 727c CO), for the ordinary audit as an audit expert, and for public companies as a state-supervised audit firm (Art. 727b CO).

Standards and outcome

SER (Standard on the Limited Statutory Examination)

The Standard on the Limited Statutory Examination of the professional associations EXPERTsuisse and TREUHAND|SUISSE. It describes the approach, audit procedures and report examples of the limited statutory examination.

SA-CH (Swiss Auditing Standards)

The Swiss Auditing Standards of EXPERTsuisse for the ordinary audit; they are based on the International Standards on Auditing (ISA). The individual standards are called ISA-CH and are cited by number, for instance ISA-CH 240 on fraud.

Negative assurance

Conclusion of the limited statutory examination: the statutory auditor does not confirm that the financial statements are correct, but that it has not encountered any matters from which it would have to conclude that the financial statements or the proposal on the appropriation of the balance sheet profit do not comply with the law and the articles of association (Art. 729a para. 1 nos. 1 and 2 CO).

ISQM-CH 1 (quality management)

Standard on quality management of the audit firm as a whole, not of the individual engagement. More under ISQM-CH 1 in the audit firm.

Tools of the audit

Audit file (working papers, audit dossier)

The documentation of an audit per engagement and financial year: acceptance, planning, audit procedures with evidence, findings and report. It must show who examined and assessed what, and when.

Leadsheet

Overview per audit area with the balances of the reporting year and the previous year, the change, and references to audit procedures and evidence.

ICS (internal control system)

The controls with which a company ensures reliable financial reporting. In the ordinary audit, the statutory auditor examines whether an ICS exists (Art. 728a para. 1 no. 3 CO).

Journal entry testing (journal entry analysis)

Analysis of the journal for conspicuous patterns, such as entries at weekends, round amounts or entries close to the balance sheet date. More under Journal entry testing.

Software for the audit

Audit software, Revisionssoftware, Prüfsoftware (auditing software, statutory audit software)

Software with which the statutory auditor plans, performs and documents the audit of the financial statements and completes it with the report. For Switzerland, it must map the types of audit under Swiss law and standards that the audit firm performs. Which requirements this involves is set out under Audit software Switzerland; what such software can automate and where AI deliberately does not decide, under AI and automation in the audit.

Audit tool, Audittool, Prüftool

Colloquial for audit software or for a single tool within the audit, for instance for journal entry analysis. Outside auditing, the word often means something else, such as tools for website, security or ISO audits.

Distinctions

Internal audit (Interne Revision)

A function within the company that examines processes and controls on behalf of the board of directors or executive management. It does not replace the statutory audit by the external statutory auditor.

ISO audit (quality audit, certification audit)

Examination of a management system, for instance under ISO 9001, by internal or external auditors. It has nothing to do with the audit of financial statements; software for it is not audit software in this sense.

What pruvia stands for

pruvia is audit software for Swiss audit firms: limited statutory examination with an audit programme under the SER, ordinary audit with risk assessment, ICS audit and comprehensive report to the board of directors, special audits with their own audit confirmation, and quality management under ISQM-CH 1. The requirements for audit software are set out point by point under Audit software Switzerland.

Frequently asked questions

Is audit the same as Revision?

Not quite. “Revision” is the statutory term in Switzerland, “audit” the international one. The ordinary audit corresponds to an audit; the limited statutory examination examines with limited assurance and is internationally most comparable to a review. In everyday usage, other examinations are also called audits, such as ISO audits.

What is the difference between the ordinary audit and the limited statutory examination?

The ordinary audit examines with reasonable assurance and includes examining whether an ICS exists (Art. 728a para. 1 no. 3 CO). The limited statutory examination is limited to inquiries, analytical procedures and appropriate tests of detail and ends with a negative assurance (Art. 729a CO).

Do audit software, Revisionssoftware and audit tool mean the same thing?

In connection with the audit of financial statements, yes: software with which the statutory auditor plans, performs, documents and reports on the audit. Outside auditing, “audit tool” and “Prüftool” often mean something else, such as tools for website or ISO audits.

Who may perform a limited statutory examination?

A statutory auditor licensed as an auditor by the Federal Audit Oversight Authority (FAOA) (Art. 727c CO). For the ordinary audit it must be licensed as an audit expert, and for public companies as a state-supervised audit firm (Art. 727b CO).

Try pruvia

The system tour shows pruvia with sample data, without registration. For questions about your audit firm, book an online demo.

Further Knowledge pages