The Importance of Training for Auditors: Lessons from the May 30, 2023 Decision

In the field of auditing, continuous training is crucial to maintaining high standards of professionalism and regulatory compliance. The recent decision by the Swiss Federal Court on May 30, 2023 (4A_465/2022) highlights the importance of training for auditors, especially concerning anti-money laundering regulations and good faith in corporate operations.

The court emphasized that auditors must stay updated by regularly attending training courses to remain current with legal requirements and best practices. Auditor independence is also crucial to avoid conflicts of interest and ensure objectivity in audits. Additionally, maintaining accurate and detailed documentation of audits conducted is essential to ensure transparency and traceability of operations.

For auditors, investing in training not only reduces the risk of legal liability but also strengthens trust in their work from companies and stakeholders. Implementing internal audit procedures, improving communication with the board of directors and other stakeholders, and regularly participating in continuing education programs are recommended practices emerging from the Federal Court’s decision. This decision demonstrates that a lack of ongoing education can lead to significant legal consequences. Therefore, it is imperative for auditors to invest time and resources in continuous training to ensure adherence to principles of transparency, good faith, and regulatory compliance.

For more details on the decision: