Ordinance on Investment Undertakings (Investment Undertakings ...

Article 95
Foreign audit offices
A foreign audit company will only be granted a license if it commits
to engage only in audit activities and immediately related activities even
abroad.
Article 96
Independence
1) The external audit office may neither take on administrative nor
accounting mandates for the investment undertaking and the management
company to be audited, nor any other tasks that are incompatible
with its audit mandate.
2) The fees received for an audit mandate may on average amount to
no more than 20% of the entire annual fees received by the external audit
office. Audit mandates for investment undertakings that are managed by
the same management company shall be considered a single audit mandate.
Article 97
Duties of the external audit office
1) The external audit offices are obliged to:
a) report to the FMA any changes to its articles of incorporation or
rules and any staffing changes to its organs and of the head auditors;
b) only entrust the supervision of audits to auditors who have been reported
to the FMA and who fulfill the necessary conditions;
c) report the head of mandate and the head auditor to the FMA before
beginning the audit; and
d) submit their business report to the FMA every year.
2) The FMA may demand information concerning the reasons for
resignation or dismissal of members of the general management and of
the head auditors reported to the FMA.
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