Ordinary audit (contrôle ordinaire) is the most comprehensive statutory audit level in Switzerland under CO art. 727, required for large companies meeting at least two of three size thresholds: 250 employees, CHF 20 million total assets, CHF 40 million revenue. It also applies to all listed companies and consolidated group accounts above size thresholds. An ordinary audit must be conducted by a licensed audit expert and involves a full audit of financial statements. In M&A, a target subject to ordinary audit presents a higher baseline of financial statement reliability than one with only a restricted review or audit waiver.

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Example: in the acquisition of a mid-size Zurich SA, the buyer reviews 3 years of ordinary audit reports from a licensed expert-réviseur agréé — all clean, with no qualifications or material weaknesses. This clean audit history reduces perceived accounting risk, supports a lower specific risk premium in the WACC, and allows a more focused (less extensive) financial due diligence scope, reducing transaction costs.

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Hectelion assesses Swiss audit level as a reliability proxy for financial information in every acquisition due diligence.