Anyone have experience dealing with Swiss auditors?
I am looking for advice from someone who has had experience dealing with Swiss auditors.
I work for a company that is a subsidiary of a US parent. Due to our size we were required to undergo a limited statutory audit this year. One of the tests they do is compare a company's Assets to its Liabilities. If the Liabilities are greater than the assets, they consider the company to be "over-indebted" and you have to notify the court and do a bunch of other stuff.
My company is a SAAS company and we sell subscriptions of different lengths to use our software. As a result, we have a lot of deferred revenue on our balance sheet and this is causing a big problem because our auditors can't get past the fact that the liabilities are greater than the assets. It's pretty ridiculous because my company is doing very well and we don't even have any debt on our books, so how someone can view us as "over-indebted" is beyond me.
Anyways, I'm wondering if anyone else has had a similar experience and how they resolved the situation? The auditors clearly have no experience working with a company like ours and they're making a big stink about it. We would just like to get this audit finished so we can find a new audit firm next year but they are making it difficult.
Any advice would be appreciated.