The Auditor

1. The directors may appoint the first auditor of the company. The auditor holds office until the end of the first general meeting. Accounts are laid before the members.

2. The members can reappoint the auditor or appoint a different auditor to hold office from the end of the meeting until end of the next meeting where accounts are laid

3. There has been a growing focus on the relationship between the audit firm and the Co. about good governance, objectivity of an auditor and market practices

4. EU & CMA Legislation Key points

4.1. Listed companies are required to put their statutory audit services engagement to tender every 10 years

4.1.1. To change auditor at least once every 20 years

4.1.1.1. Cap the amount of permitted non-audti services the auditor may perform to 70% of the worldwide statutory audit fee

4.1.1.1.1. State in annual report if audit engagement has not been put to competitive tender in the last 5 years, when they next intend to put audit engagement to tender

5. substanial contracts with directors of loans to directors

6. reporting on non-disclosure of info regarding directors' & employees' emoluments

7. company's profit and loss account

8. at the end of the financial year

9. state of affairs

10. provide a statement to say if Co. accounts give a true and fair view in respect of the balance sheet

11. In accordance with the required regulations

12. As to whether if it's financial statments have been properly prepared

13. The auditor makes a independent report to the Company's members

14. Every Company which is not extempt must appoint an auditor

15. auditors role in relation to Annual Report and Accounts

16. Considering whether info given in directors report is consistent with corresponding accounts or the directors rem report