430923
Auditors
- Role
- do accounts present a true and fair financial view of company?
- s495
- report
- unqualified
- good
- good
- qualified
- fault/issue found
- fault/issue found
- unqualified
- s495
- report on directors
- s496
- s496
- independent
- must disclose any other services supplied to the company
- s494
- s494
- must disclose any other services supplied to the company
- Senior official must personally sign the reports
- s503
- s503
- entitled to attend and speak at all gerenal meetings
- s502
- s502
- do accounts present a true and fair financial view of company?
- Watchdog/bloodhound
- must be qualified
- Appointment
- members appoint
- s485(4)
- s485(4)
- inital
- directors appoint
- s485(3)
- s485(3)
- directors appoint
- usually annual
- private company does not need to do this
- s424
- automatic reappointment
- s487(2)
- s487(2)
- s424
- private company does not need to do this
- members appoint
- Access
- all company info as he sees fit
- s499
- s499
- Director obliged to give information auditors ought to have
- s500
- s500
- anyone who will not disclose information may be prosecuted
- s501
- s501
- all company info as he sees fit
- Removal
- Ordinary resolution with Special notice
- 28 days
- s510
- 28 days
- Right of protest
- s513
- s513
- Ordinary resolution with Special notice
- Liability
- Caparo Industries v Dickman
- in order for auditors to be liable, must consider
- forseeability
- proximity
- fairness
- forseeability
- in order for auditors to be liable, must consider
- ADT v Binder Hamlyn
- Takeover lost money due to bad auditing
- liable
- liable
- Takeover lost money due to bad auditing
- Barings v Cooper
- ought to have known collapse was imminent
- liable to holding company
- liable to holding company
- ought to have known collapse was imminent
- Sasea Finance v KPMG
- didnt notice insolvency
- didnt notice insolvency
- Royal bank v Bannerman
- Liable to bank
- Liable to bank
- Caparo Industries v Dickman
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