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Company auditors FAQ
What is the purpose of an auditor in a company?
An auditor will analyse the accounts kept by the directors of a company and give financial updates on the general state of the business.
Their role is to safeguard the interest of a company’s shareholders, and their analysis of the company’s financial position helps investors and shareholders make future decisions.
Why do I need to appoint company auditors?
A newly incorporated company, whether public or private, needs to appoint its first auditors.
Generally, they are put in place by the company’s board of directors by passing a resolution (Director’s resolution or Board resolution) within a certain time limit.
Different countries have different time limits. For example, in Hong Kong, the board must appoint an auditor before the company’s annual general meeting.
In cases where the board has yet to appoint the first auditors, the company’s shareholders can appoint them in a general meeting.
Importantly, for any incorporated company, whether private or public, appointing the first auditors for the first financial year is a requirement under corporate law.
How can I appoint company auditors?
Essentially, there are two ways to appoint company auditors.
Firstly, the board of directors can appoint the first auditors by passing a resolution. Secondly, the company’s shareholders can appoint auditors by passing a resolution in the shareholders’ meeting.
Generally, a company must appoint auditors annually by the shareholders at the annual general meeting. However, the board of directors can appoint auditors for the first financial year of a newly incorporated company.
They can do this using a Directors’ Resolution to Appoint First Auditors.
Related legal templates
- Shareholder Agreement
- Option Agreement
- Employee Option Agreement
- Share Appreciation Rights Plan
- Share Option Plan
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