Accounting of the protection fund

(1) The protection funds must each prepare an annual report as at the end of every calendar year, and engage an independent auditor or an independent auditing firm to examine the completeness of the annual report and the correctness of its particulars. The protection funds must notify the Federal Institute of the auditor they have appointed without delay after the appointment. The Federal Institute may, within one month of receipt of the notification, require the appointment of a different auditor where this is necessary to achieve the purpose of the audit; an objection and an action for annulment against this do not have suspensive effect. The annual report must contain particulars of the activity and the financial position of the protection fund, in particular on the amount and investment of the funds, the use of the funds for compensation cases, the level of the contributions, and the costs of administration. Insofar as this Act does not prescribe otherwise, the provisions of the Second Subdivision of the Fourth Division, in conjunction with the provisions of the First and Second Divisions of Book Three of the Commercial Code, apply correspondingly to the accounting for the contracts taken over.
(2) The protection funds must submit the adopted annual report to the Federal Institute by 31 May each year. The auditor must submit the report on the audit of the annual report to the Federal Institute without delay after completion of the audit. On request, the Federal Institute must also be informed in more detail of the particulars under subsection (1), fourth sentence.