Audit of charitable foundations
Charitable foundations must be entered into the commercial register and are generally obliged to appoint an auditor (Art. 552 § 14 para. 4 and § 27 para. 1 PGR). Private-benefit foundations, on the other hand, are not generally subject to registration (Art. 552 § 14 para. 4 and 5 PGR). However, if they are voluntarily subject to the supervision of STIFA, they are also obliged to appoint an auditor (Art. 552 § 27 para. 1 PGR). If these private-benefit foundations are voluntarily entered into the commercial register, the auditors must also be registered.
The role of a court-appointed auditor in auditing a charitable foundation is crucial to ensure that the foundation fulfills its financial and legal obligations and that the funds entrusted to it are used effectively and responsibly. A report on the results of this audit is submitted to the Board of Foundation and the foundation supervisory authority (STIFA) within 9 months after the end of the financial year.
If required, we can also audit your annual financial statements in accordance with PGR, Swiss GAAP FER or IFRS. Audited annual financial statements strengthen the trust of founders, creditors and other interest groups in the foundation. Confirmation of the correctness and accuracy of the financial information increases the credibility of the foundation. The audit helps to identify and address financial and business risks. This enables management to take proactive measures to prevent or solve potential problems. More informed decisions can be made if they have access to verified financial information. The audit ensures that the foundation fulfills the legal and regulatory requirements. This helps to avoid legal consequences and penalties.