Ordinance on Investment Undertakings (Investment Undertakings ...

Article 98
Change of the external audit office
1) To change the external audit office, the management company
must submit an application to the FMA, on which the FMA must decide
within six weeks.
2) Before making its decision, the FMA shall consult with the previous
external audit office.
3) The FMA shall approve the change of the external audit office if
the designated external audit office guarantees a proper audit under the
given circumstances and if the interests of the investors do not appear
threatened.
4) Upon approval by the FMA, the management company shall publish
the change of the external audit office in the publication medium. An
indication must be included that the investors may demand to return
their units in accordance with the prospectus.
5) If the license is withdrawn from the external audit office, the contract
on the audit mandate is cancelled, or the audit office is otherwise no
longer able to conduct its activities, then the management company must
immediately designate a new external audit office. In justified individual
cases, the FMA may set a deadline of at most three months, by which the
management company must designate the new external audit office.
C. Audit and audit report
1. Audit
Article 99
Requirements
1) The verifications required by article 98, paragraph 1 of the Act
shall be undertaken in accordance with the recognized principles of the
profession.
2) Over the course of the accounting year, the external audit office
shall conduct at least one unannounced interim audit.
3) During the unannounced interim audit, the audit office shall verify
in particular whether:
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