Audits on behalf of FINMA

Audit firms are mainly used for regulatory audits. They must carry out their work independently, critically and objectively. They report their findings to FINMA on the basis of their audit.

Regulatory audits

For audits completed in 2025, audit firms charged an average hourly rate of CHF 227 for a regulatory audit and CHF 125 for a financial audit. The costs of regulatory audits conducted by audit firms are borne directly by the supervised institutions. Audit firms report their invoiced fees to FINMA on an annual basis.

For supervised banks in category 1, the average hourly rates charged totalled CHF 275, which is less than in the previous year. The lowest hourly rates were for banks in category 5.

Audit costs accounted for 33% of the total supervisory costs invoiced by FINMA and audit firms for the Swiss financial market. The extent to which audit firms were used varied from sector to sector. In banking supervision, they accounted for 46% of costs, with average hourly rates for regulatory audits varying according to the size of the bank. The varying degrees of complexity of the audit fields, which are subject to rotation over several years, as well as the different business models and audit methods, have an influence on the rates. Since FINMA undertook most of the supervisory work in the insurance sector itself, the share of the costs attributable to audit firms in this sector was just 13%.

FINMA mandataries – an important instrument for specific supervisory and enforcement issues

FINMA may appoint mandataries to assist it in performing its duties. The costs of these FINMA mandataries are borne by the respective supervised institutions and individuals. Costs for FINMA mandataries commissioned in 2025 came to CHF 33.2 million (invoices received as of mid-February 2026). In the year under review, FINMA awarded 48 mandates to mandataries, compared with 30 in 2024. It monitored the discharge of the mandate on an ongoing basis and checked that costs remain proportionate. As part of its selection process, it ensured that, if possible, mandates were not awarded disproportionally frequently to certain mandataries.

The appointment of mandataries is an important instrument for FINMA. In contrast to auditors, mandataries are not usually commissioned for recurring audits with a predefined audit programme; instead they are deployed to look into specific issues relating to supervision and enforcement. FINMA’s mandates are as varied as the areas they cover and thus require different types of specialisation. FINMA distinguishes between five types of mandataries:

• audit mandataries at authorised financial intermediaries;
• investigating agents at authorised financial intermediaries;
• investigating agents of unauthorised activities;
• restructuring agents and crisis managers at authorised financial intermediaries;
• bankruptcy and liquidation mandataries.

The selection of mandataries is a two-step process. All interested providers can apply to be included in a publicly accessible list of candidates. FINMA has defined requirement profiles for its standard mandates. Candidates who meet the respective profile are accepted onto the list. When selecting a mandatary, FINMA refers to this list on a case-by-case basis. There were 106 mandataries on the list at the end of the year under review. If no suitable mandatary is available, FINMA may commission an expert who does not appear on the list.

Candidates for a specific mandate are selected on the basis of different criteria. The FINMA mandataries must be suitably qualified and independent. These are the two key factors. Other selection criteria are language skills or the area of assignment. Depending on the mandate, sufficient resources may also be required. And last but not least, the proposed fees are a deciding factor when awarding the contract. The fee paid to the mandataries is based on the requirements of the mandate. FINMA sets out the costs of mandataries (fee rates and expenses) in the appointment order.