Ordinance on Investment Undertakings (Investment Undertakings ...

a) the accuracy of the business and half-yearly reports and the quarterly
reports according to articles 15 to 25 of this <strong>Ordinance</strong>;
b) in the case of investment undertakings for transferable securities and
investment undertakings for other values, the external audit office
shall assess the valuation methods used, especially for investments
that are only marketable to a limited extent;
c) in the case of investment undertakings for other values with increased
risk, the external audit office shall assess compliance with the special
requirements according to article 55 of this <strong>Ordinance</strong>;
d) in the case of investment undertakings for real estate, the external audit
office shall in particular assess the review and consolidation of the
real estate companies associated with the investment undertaking, the
acceptability of the valuation methods used, the capitalization rates,
and the estimated values;
e) compliance with the investment rules of the Act and the <strong>Ordinance</strong>
and either of the full prospectus or of the prospectus for investment
undertakings for qualified investors;
f) the delegation of responsibilities to third parties according to article
25 of the Act and articles 34 et seq. of this <strong>Ordinance</strong>;
g) the lawfulness of and compliance with the risk management procedure
to be specified by the management company of the investment
undertaking;
h) the lawfulness of and compliance with any documents to be issued
internally, especially those concerning derivative financial instruments,
repurchase transactions, and conflicts of interest;
i) the lawfulness of the revaluations and write-offs (article 19 of this
<strong>Ordinance</strong>);
k) the lawfulness of any solicitation materials, the publication of the issue
and redemption prices (articles 12 and 26, paragraph 3 of the
Act), and any reports to the Swiss National Bank according to article
29, paragraph 5 of the Act.
l) the use of experts, in particular with respect to the requirements for
experts (article 62 of this <strong>Ordinance</strong>), the estimation of the market
value (article 48, paragraph 1 of the Act), and substantial deviations of
the purchasing or selling price from the estimated value (article 48,
paragraph 3 of the Act);
m) compliance with the provisions on the return of units (article 19 of
the Act);
n) the lawfulness of the payments to the management company and the
depositary bank (article 22 of the Act);
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