Russell Bedford Audit Genève SA services

A word from the Managing Director,
Christopher Cuche

“Our integrity and our independence at your service”

Russell Bedford Audit Genève is a preferred partner for small and large businesses in a constantly changing world. Responsiveness, a willingness to listen, pragmatism and expertise are essential assets for offering you a tailor-made service.
Thanks to over 15 years’ experience in auditing, we are well equipped to support all your plans for your business.

Christopher Cuche

Services

• Statutory audit (limited and ordinary)
• Audit of consolidated financial statements according to recognised accounting standards (IFRS, Swiss GAAP, US GAAP)
• Assistance and outsourcing services for internal audit, compliance, anti-money laundering (AML) and risk-management functions for FINMA-regulated financial institutions
• Assistance with obtaining LSFIN / LEFIN licences and for prudential audits and AML
• Company formation or capital increase audits
• Audit of companies facing a financial loss or over-indebtedness (art. 725a and b Swiss Code of Obligations (CO))
• Company valuation
• Conversions and mergers

Statutory audit (limited or ordinary)

Our firm is accredited by the Swiss Federal Audit Oversight Authority (FAOA) as a qualified auditor. We are also member of EXPERTsuisse, which ensures high-quality audits in accordance with the rules established by the profession.

According to the Swiss Code of Obligations, there are two types of statutory audit:

• • Limited audit: mandatory for any company that does not exceed two of the following thresholds for two consecutive years; CHF 20 million total balance sheet, CHF 40 million in sales and 250 employees but more than 10 full-time equivalent staff;
• • Ordinary audit: for any company that exceeds two of the thresholds above for two consecutive years.

Audit of consolidated financial statements according to recognised accounting standards (IFRS, Swiss GAAP, US GAAP)

You can also opt to produce your annual financial statements according to Swiss GAAP, IFRS or US GAAP. Our audit team specialises in all these accounting standards and is well equipped to carry out this type of work.

If your company has holdings in other companies (subsidiaries) of over 50% and your consolidated balance sheet exceeds two of the following thresholds for two consecutive years :

• CHF 20 million total balance sheet,
• CHF 40 million in sales or
• 250 employees,

you must produce consolidated financial statements.

Consolidated financial statements can be produced in accordance with the Swiss Code of Obligations or recognised accounting standards such as Swiss GAAP, IFRS or US GAAP.

If the consolidated financial statements include foreign subsidiaries, the Russell Bedford International network, which has a presence in over 100 countries worldwide, can assist you in auditing them.

An audit can still be conducted on a voluntary basis if the consolidated group does not exceed the mandatory thresholds.

Our audit team specialises in accounting standards and is well equipped to carry out this type of work.

Assistance and outsourcing services for internal audit, compliance, anti-money laundering (AML) and risk-management functions for FINMA-regulated financial institutions

Whether you are a bank, a securities firm or an independent wealth manager subject to FINMA oversight, we can support you in several ways.

Should you need us to help your teams, we can :

• Assist you in drafting and implementing internal procedures for your compliance, anti-money laundering (AML) and risk management function;
• Provide you with staff for a set period to cover an absence or vacancy, or during internal restructuring.

If the size of your company does not justify having your own:

• internal audit
• compliance or
• risk management function
• and/or a full-time AML manager,

Our staff, who specialise in financial services and are recognised by the relevant authorities, can fulfil these roles and help you with all the necessary regulatory procedures.

We can also get involved on request in special assignments, for example, opening accounts, reviewing incorrectly identified transactions, corrections to non-compliant internal documents, monitoring asset allocations or any other issue.

Assistance with obtaining LSFIN / LEFIN licences and for prudential audits and AML

You have decided to set up your own business as an independent wealth manager. As such, you will need to apply to the FINMA to obtain a licence to practise.

Applying for a licence can be a long and tedious process, especially in terms of compliance with all the LSFIN and LEFIN requirements.

Only people who are familiar with applying and checking these regulations on a regular basis are in a position to offer the best assistance and advice.

As an expert in the field we can :

• assist you in writing your initial application for accreditation
• support you in establishing your internal documentation (management mandates, compliance regulations, risk management directive, AML regulations, cross-border policy, etc.) in conjunction with your organisational rules
• help you with preparing for prudential or AML audits.

Company formation or capital increase audits

If you wish to make a contribution in kind and/or convert a debt to capital when forming your company or increasing its capital, our accreditations allow us to issue a statement on the value of the contributions needed for the notary to produce the formation or capital increase report.

Audit of companies facing a financial loss or over-indebtedness (art. 725a and b Swiss Code of Obligations (CO))

If your company:

• has lost capital within the meaning of art. 725a CO, i.e. its losses are equal to or higher than half its eligible equity;
• or
• is over-indebted within the meaning of art. 725b CO, i.e. its losses are equal to or higher than its eligible equity

you are obliged, even if you do not have an auditor, to have your balance sheet audited according to the standard for limited audits by an accredited auditor. As an accredited audit firm, we are authorised to carry out this type of work.

Company valuation

It is often difficult to determine the value of your company or one of its activities when a business is being transferred or ceasing to trade. Because every business is different, the valuation method can vary.

Our specialists have over 15 years’ experience in company valuation and are therefore well placed to assist you.

Conversions and mergers

If you wish to convert :

• your private limited company (Sàrl) to a public company (SA)
• your sole proprietorship to a Sàrl or SA

we can issue all the necessary statements.

For mergers between companies, either by absorption or combination, we can carry out regulatory audits in accordance with the Swiss Merger Act (LFus). We are on hand to advise and support you in all your plans.

The Russell Bedford Genève team is here to answer any questions you may have about its various services.