The Swiss Market Index brings together 20 of Switzerland’s largest and most liquid listed companies. Its constituents span global pharmaceutical groups, major financial institutions, consumer businesses and industrial manufacturers.
This September 2026 snapshot identifies each company’s current auditor, the first financial year under the engagement and its disclosed audit fee. It reflects the index changes effective on 21 September 2026, when Galderma and Sandoz replaced Swisscom and Kühne+Nagel.
The table can be sorted by company, sector, auditor, since and audit fee.
Notes explain reporting periods, currency conversions and differences in fee scope.
KPMG holds half the appointments
KPMG audits 10 of the index’s 20 companies, giving it a 50% share of appointments. EY holds six mandates, or 30%, followed by PwC with three, or 15%. Deloitte audits one constituent, representing 5%.
Every company in the SMI appoints a Big Four firm. KPMG and EY together hold 80% of the index’s audit appointments.
KPMG’s portfolio includes Novartis, Roche, Swiss Re, ABB and Richemont. It also audits both September additions, Galderma and Sandoz. Four of the index’s six healthcare companies appoint KPMG; Alcon uses PwC and Lonza uses Deloitte.
EY’s six engagements include UBS, Zurich Insurance and Nestlé. PwC audits Alcon, Swiss Life and Partners Group. Deloitte’s sole appointment is Lonza.
Audit fees
The fees recorded in the table total approximately CHF390.7m, with a median of CHF9.75m.
Four companies account for about 60.5% of that total: UBS, Zurich Insurance, Nestlé and Swiss Re.
UBS has the largest recorded fee, at approximately CHF119.7m after conversion from US dollars. Its USD151m Audit category comprises USD100m in global audit fees and USD51m in additional services classified as audit, required by law or statute. Separately disclosed non-audit services are excluded.
Zurich Insurance follows at approximately CHF45.2m, while Nestlé reports CHF40.2m and Swiss Re’s fee converts to CHF31.3m. ABB and Novartis record approximately CHF24.6m and CHF22.4m respectively. At the lower end, Geberit reports CHF1.81m.
These figures reflect the companies’ disclosed audit categories. Some include interim reviews or mandatory assurance work alongside the financial-statement audit. Nestlé’s figure includes review of ESG information, while ABB’s includes mandatory sustainability assurance. The table notes identify these differences.
Recent appointments and established relationships
Five companies have a recorded first financial year with their current auditor of 2024 or later.
Deloitte’s Lonza engagement begins with FY2024. EY replaced PwC at Geberit for FY2025, and PwC replaced KPMG at Partners Group for the same year. Richemont’s engagement with KPMG begins with FY2026, following PwC.
Amrize’s EY engagement dates from 2024, before its 2025 spin-off and listing. That starting year records the audit relationship of the new entity rather than an auditor switch at the point of listing.
Among the longer relationships, EY’s UBS engagement dates from 1998 and PwC’s Swiss Life engagement from 2002. Roche has appointed KPMG since 2004, while Logitech’s KPMG engagement dates from 2015.
The dates record the first financial year under the current continuous auditor network engagement. Annual reappointments continue the relationship rather than resetting its starting year.
Sources and methodology
The table reflects the September 2026 research snapshot, with a review of auditor appointments, engagement dates and fee disclosures completed on 8 October 2026. The constituent set incorporates SIX’s ordinary index review effective on 21 September 2026.
Fees generally relate to FY2025. Richemont and Logitech are reported for FY2026, ended 31 March 2026. Figures use group audit fees attributable to the principal auditor network where separately disclosed. The notes identify combined audit and review or mandatory assurance categories and other exceptions.
Foreign-currency amounts are converted to Swiss francs using ECB reference rates at the issuer’s financial year-end: 31 December 2025 for calendar-year reporters and 31 March 2026 for Richemont and Logitech. Swiss and US member firms of the same network count as one appointment per company.
Read the full Sources and Methodology, or explore other indices in Who audits the world’s largest companies?.
Who audits the world’s largest companies?
Explore the Big4News Who Audits? hub, which maps the audit firms behind the world’s leading stock-market indices — including auditor tenure, audit fees and Big Four audit market share.